KARACHI: The stock market staged another choppy session on Friday with the KSE-100 index managing to eke out marginal gains of 16.93 points (0.03 per cent) to close at 49,925.08 points.

The market remained volatile as the index traded between intraday high of 185 points and low of 62 points to finally close on a flat note. Mid-session, the index managed to break the 50,000-point barrier, but could not sustain it.

The overall volume decreased by 34pc to 354 million shares, while value declined by 29.3pc to Rs17.3 billion, possibly in part due to Friday factor as most retail traders avoid taking long positions ahead of the weekend. About 45 stocks closed on their respective upper circuits, while 17 shares closed on their lower limits.

Hammad Aman, Manager Equity Sales at Topline Securities, said that after rallying a day ago profit-taking was observed in the cement sector as DG Khan Cement, Maple Leaf Cement Factory and Fauji Cement declined between 0.5pc-2.2pc.

Mughal Steel closed at its upper limit of 5pc after the company announced that it had got an approval from SNGPL for increase in gas load for captive power generation.

Support to the index came from Engro which rose 2.01pc, Dawood Hercules Corp 2.23pc, Pakistan International Bulk Terminal Ltd 4.99pc, Lucky Cement 0.67pc and Honda Atlas Cars 2.86pc.

“Engro and Dawood Hercules contributed 60 points to the index as investors anticipated better results amid announcement of ample dividends by their subsidiaries,” said analyst at Global Securities.

Published in Dawn, February 11th, 2017