KARACHI: The stock market on Monday brushed aside the economic issues as investors’ focus shifted to the wait-and-see approach over the accountability court’s decision on the references against former PM Nawaz Sharif.

The KSE-100 index closed with minor gains of 57.88 points (0.15 per cent) at 38,308. The market opened weak and the index tumbled to intraday low by 317 points, breaching the support of 38,000 points. However, it took a dramatic turnaround in the final hour of trading after the verdict was pronounced by the court.

The market bulls entered and recouped all of the losses to lift the index and push it in the green, marking the third successive session of a positive close.

Institutional investors remained mainly on the sidelines as the market was in search of direction. The rollover week of future contracts also kept investors on guard. Trading volume declined over the previous session by 43pc to 74.5 million shares while the traded value fell to a half at Rs3.38 billion, from Rs6.72bn.

Prices of various blue-chip scrips traded in a narrow band with activity mainly observed in banking sector led by Meezan Bank, Bank of Punjab and Bank Alfalah. Fertiliser closely followed and saw volume in Fatima Fertiliser trading at the day’s highest 10m shares.

Sectors-wise, positive performance was displayed by oil and gas marketing companies, higher by 48 points, tobacco 39 points, fertiliser 16 points. Scrip-wise, major contribution to the index upside came from Pakistan Tobacco, up 4.87pc, Pakistan State Oil 2.05pc, Sui Northern Gas Pipelines 3.16pc, Millat Tractors 3.05pc and Murree Brewery 3.94pc, adding 89 points. On the flip side, United Bank, down 0.95pc, took away 14 points.

Going forward, investors’ attention was expected to revert back to developments over negotiations with the International Monetary Fund.

Published in Dawn, December 25th, 2018