Banks, cement lead recovery on stock market
KARACHI: Investors in equities managed to shake off the gloom of the preceding two sessions with the KSE-100 index recovering 112.62 points (0.25 per cent) to end at 45,371.96 on Monday.
With the start of the roll-over week for future contracts and an uncertain political atmosphere, the market started on a weak footing and the index skidded to intraday low by 68 points before recovery set in banking and cement sectors to lift the benchmark to intraday high by 194 points.
Participation remained thin with volume down 17pc over the previous session to 113 million shares and the traded value lower by 22pc to Rs6.4 billion as much the activity remained concentrated in small-cap scrips.
Investors kept an eye on Oil and Gas Development Company (OGDC) as rumours of further sell-off by foreigners had continued to linger all through last week; the OGDC stock, however finished close to the block transaction price of Rs164. Overall, however, foreigners were net sellers of equity worth $2.13m according to figures furnished by the National Clearing Company of Pakistan.