KARACHI: Stocks turned north on Tuesday with the KSE-100 index up by 85.97 points (0.18 per cent) to close at 49,015.09.

The index opened in the red and dived all the way to intraday low by 273 points on investors’ concern over the security situation coupled with a continuation of futures roll-over week pressure. Retail investors were again major sellers in the absence of in-house badla.

However, bargain hunters emerged at lower values and institutions went on cherry-picking which saw index rise by 174 points. The selling pressure was more profound in second-tier stocks while blue-chips managed to sustain their grounds.

Analysts at a brokerage house calculated that major contribution to the index upside came from OGDC rose 1.40pc, TRG 4.78pc, HUBC 1.11pc, UBL 0.73pc and BAFL 3pc, which together added 106 points.

The volume remained flat at 343 million shares, while the trading value declined by 5pc to Rs13.9 billion. Banking sector led the gainers, while selling pressure was witnessed in the fertiliser sector. Major losers on the fertiliser sector were led by FFC down 0.55pc and FFBL 1.40pc.

A senior analyst stated “ASL in the steel sector gained close to 4.28pc on the back of investor anticipation that the court in its hearing tomorrow will maintain anti-dumping duty status imposed by the National Tariff Commission on cold rolled coils and galvanised steel being imported from China.”

E&P sector gained as crude oil prices surged to $54 per barrel. SNGP lost 4.93pc taking away 24 points from the benchmark index.

Published in Dawn, February 22nd, 2017