Stocks manage modest gains

Published January 17, 2020
On the global scene, the market was scarcely impressed by reports of US-China trade deal to ease ongoing trade disputes. — AFP/File
On the global scene, the market was scarcely impressed by reports of US-China trade deal to ease ongoing trade disputes. — AFP/File

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.

Published in Dawn, January 17th, 2020

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Counterterrorism plan
23 Nov, 2024

Counterterrorism plan

WITH terrorist attacks surging, resulting in high casualties amongst both civilians and security personnel, it is...
Bullish stock market
23 Nov, 2024

Bullish stock market

NORMALLY, stock markets rise gradually. In recent months, however, Pakistan’s stock market has soared to one ...
Political misstep
23 Nov, 2024

Political misstep

FORMER first lady Bushra Bibi’s video address to PTI followers has triggered a firestorm. Her assertion implying...
Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...