Stocks manage modest gains

KARACHI: Stocks remained sideways for most of the session on Thursday but the KSE-100 index managed to close in the green with gains of 72.07 points (0.17 per cent) at 43,065.

The index opened on a positive note and oscillated between the intraday high and low by 212 and 187 points.

Although domestic and international political scene remained mostly serene, investors waited for the announcement of monetary policy due on Friday, which could set the tone of the market. Speculators were the main movers, represented by the overwhelming interest in second-tier stocks.

Among participants, ‘brokers propriety trading’ picked up shares worth $3.44 million and stood out as the most active. Individuals shed some stocks to lessen their positions. Traders said the initial corporate results announcement would have an impact on the mood of the market.

On the global scene, the market was scarcely impressed by reports of US-China trade deal to ease ongoing trade disputes.

Foreigners turned net sellers of modest $0.30m while mutual funds also remained muted with minor net sale of $0.59m. Traders affirmed the market has so far-fetched handsome return of 49pc since the lows of 29,000-level in mid-August 2019.

Broadly speaking, individuals and overseas Pakistanis have led buyers. The volume increased 34pc to 229.9m shares, from 171.3m. Stocks that contributed significantly included Bank of Punjab, Worldcall Telecom, TRG Pakistan, Maple Leaf Cement and Power Cement. Meanwhile, traded value rose 7pc to $42.3m.

Commercial banks and oil helped the index cross 43,000-level. In general, cement — led by Dewan, Power, Cherat, DG Khan and Kohat — and textile scrips also performed well. Scrip-wise, major movers of the day were Fauji Fertiliser 1.1pc, Meezan Bank 2.3pc, MCB 0.8pc while Dawood Hercules declined 1.5pc, Oil and Gas Development Company 0.7pc and Engro Corporation 0.5pc.

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