KARACHI: After a day of correction, the stock market remained range-bound on Thursday with the KSE-100 index finally closing with marginal gains of 87.35 points (0.20 per cent) at 43,495.07.

The investors’ interest was centred entirely on second and third-tier scrips, which was manifest in the three-month low traded value despite the slightly higher traded volume. The index moved between the intraday high and low by 102 points and 41 points.

Investors also decided to wait and watch as the Asian markets continued a global sell-off while local investors were mindful of the foreign flows. After several days

of respite, comparatively heavy foreign outflows a day earlier had also spoilt investors’ mood to buy.

“Investors are waiting for any major development on macro/fiscal side from the government to arrest external account woes,” Topline Securities stated. Investors took no notice of government commitment to present a technocratic and growth-oriented budget in April for the next fiscal year.

The volume increased 11pc over the previous day to 220m shares with small-cap stocks such as Lotte Chemical, Nimir Resins and Fauji Fertiliser accounting for 27pc of the share.

Sector-wise contributions came from oil and gas exploration, increasing by 46 points, commercial banks 30 points, transport 17 points, fertiliser 12 points and tobacco 12 points.

Major stocks that led to the gain included Habib Bank, up 1.1pc, Pakistan Inter­national Bulk Terminal 6.1pc, Pakistan Oilfields 1.1pc, Oil and Gas Develop­ment Company 0.6pc and Pakistan Tobacco 2.1pc adding 93 points. On the flipside, United Bank, down 1.2pc, Lucky Cement 0.7pc, Fauji Cement 0.5pc, Adamjee Insurance 1.7pc and Cherat Cement 1.7pc wiped off 52 points from the index.

Published in Dawn, March 16th, 2018