KARACHI: The stock market managed to snap the losing streak with the KSE-100 index closing with a gain of 208.06 points (0.56 per cent) at 37,129.97.

Given few positives and volatile trade throughout the day that saw the index move in the range of intraday low and high of 329 and 349 points respectively, it was difficult to say if the upward movement was a relief rally or merely a dead cat bounce.

Traders tried to find a reason for the upsurge putting it to investors’ confidence underpinned by improved economy data. But that did not quite impress everyone as reports that suggested trade deficit reduction by 14pc to $23.45 billion in 9MFY19 also noted exports in March down 24pc or $1.3bn to $4bn, which represented 28-month low.

Mutual funds sold equity worth $2.9m while the excess liquidity was mopped up by individuals who bought shares of net $3m, taking advantage of cheap valuations.

The volume shot up 50pc to 160.5m shares while the traded value also increased by 45pc to reach $41.7m. Stocks that contributed significantly included Unity Foods (right share), Maple Leaf Cement, Fauji Cement, K-Electric and Worldcall Telecom, which formed 37pc of total volume.

Cement remained in the limelight as reports continued to pour in of differences among manufacturers over pricing. Cherat, Pioneer and Maple Leaf closed near their lower circuit while Lucky and DG Khan Cement also finished in the red. On the other hand, power sector was the lead gainer of 84 points followed by banks adding 56 points. Meanwhile, mixed trend prevailed in the fertiliser sector.

Major contribution to the index upside came from Hub Power, increasing by 4.20pc, United Bank 2.70pc, Pakistan State Oil 3.04pc, National Bank 4.50pc, Engro Corporation 0.89pc and Oil and Gas Development Company 0.50pc. On the flip side, Lucky Cement lost 2.28pc, Habib Bank 0.81pc and Fauji Fertiliser 0.86pc took away 54 points.

Published in Dawn, April 10th, 2019