KARACHI: The stock market opened positive drawing inspiration from the Friday close and remained bullish for most of the trading session with the KSE-100 index recording gain of 125.78 points (0.39 per cent) and close at 32,584.55.

The index oscillated between the intraday high and low at 277 points and 67 points as investors kept an eye on Prime Minister Imran Khan’s meeting with the US President Donald Trump later in the day. The presence of Army Chief Qamar Javed Bajwa suggested that the agenda of the meeting would cover a whole range of military, political and economic issues.

Analysts at Arif Habib Ltd stated that the premier’s ongoing visit to US was thought to be a key trigger for the market. Break­through with US on account of Coalition Support Fund and matters relating to Afghan peace process were considered positive for the market sentiment. Activation of market opportunity fund, if it materialised, could be another factor that could lift investor confidence.

The volume plunged 63pc to 44.5 million shares, from 121.5m while traded value also declined by 55pc to $12.4m. Stocks that contributed significantly included Maple Leaf Cement, TRG Pakistan, Pak Elektron and International Steels.

Earlier in the session today, cement companies in North region were reported to have reduced prices per bag, which dampened the sentiments. The sector led the volume table with 8.5m shares changing hands. Investor interest was seen in the exploration and production which added 47 points as all three major stocks turned stronger. Banking sector also remained steady with Habib Bank up 2.1pc and United 0.8pc.

Among scrips, major contribution to the index upside came from Searle, increasing by 4.1pc, Habib Bank 2.11pc, Oil and Gas Deve­lopment Company 1.50pc, Pakistan Petroleum 2.30pc, Fauji Fertiliser 0.96pc, and United Bank 0.79pc.

Published in Dawn, July 23rd, 2019