KARACHI: The Pakistan Stock Exchange (PSX) on Tuesday marked another day of volatile trade in the absence of triggers, where the KSE-100 index saw a gain of just 18.45 points (0.04 per cent) at 41,049.22.
As investors avoided taking long positions, day-traders and speculators churned shares on rumours and speculations. Except for oil sector, where a couple of stocks closed with ample gains, the broader market witnessed directionless trade.
The index was off to a promising start led by E&P sector as crude prices rose further on rising Saudi tensions. Resultantly, the benchmark index shot up to intraday gains of 232 points. However, reservation of a court verdict and subsequent speculations that it may be announced at 3pm, saw the index succumb to selling pressure in the final half hour, hitting the intraday low by 28 points.
The volume was up 41pc over the previous day to 107m shares in which Japan Power contributed 25m shares. The traded value rose 25pc to Rs5.50bn. Mutual funds again stood out as net buyers of $1.62m worth equity.
According to dealers at Topline Securities, index point leaders were Nestle, which was up 5pc, HBL 0.7pc, PPL 0.9pc, POL 1.1pc and Mari Petroleum 2.1pc, adding 93 points. MCB was down 1.2pc, KTML 5pc, SNGP 2pc, Hubco 0.9pc and UBL 0.5pc, scrapping 73 points.
Sector wise; E&P’s added 56 points, food 30 points with around $1m worth Nestle stocks changing hands, auto assemblers 28 points with PSMC up 5pc and MTL 2.8pc on the back of buoyant sales expectations, while the power sector was weighed down by Hubco and KEL.
Material information was released by POL regarding new discovery of hydrocarbons at Makori East-06, which pushed its stock price by 1.14pc.
Published in Dawn, November 8th, 2017
