Index makes muted gains in range-bound session
KARACHI: The stock market witnessed another range-bound session on Thursday where the KSE-100 index made muted gains of 33.19 points, or 0.07 per cent, to close at 49,908 points.
The index managed to breach the 50,000-point psychological barrier to reach the intraday high of 50,196 points by midday. Yet the market succumbed to selling pressure in the second half. A market participant said liquidity constraints in the absence of in-house financing forced weak holders to sell.
“Renewed interest was seen in the cement sector amid declining coal prices. DG Khan Cement and Fauji Cement closed at their upper limits of 5pc,” stated dealers at Topline Securities.
Volumes grew 8pc to 539 million shares while the trading value rose 18pc to Rs24.5 billion as investors’ interest was tilted to blue-chip companies. A total of 49 stocks closed on their upper circuits compared to 13 finishing off at their lower limits. Increased net foreign buying amounting to $1.83m improved investor confidence.