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Stocks manage modest gains in lacklustre trading
KARACHI: Trading on the stock exchange remained lacklustre on Monday as investors chose to stay on the sidelines amid concerns over a rising trade deficit, higher inflation and likely monetary tightening.
According to Arif Habib Ltd, the stock market opened on a positive note but activity remained sluggish throughout the day. The benchmark managed to close in the positive zone by the end of trading. “Selling pressure seems to subside at current levels and the market may witness good flows moving forward,” it added.
The KSE-100 index added 47.94 points or 0.11 per cent to close at 43,280.77 points.
Market participation decreased 38.5pc to 176.9 million shares while the value of traded shares also declined 40.8pc to $34.5m.
Sectors contributing the highest number of points to the benchmark index included oil and gas exploration (124.2 points), technology and communication (82.88 points), power generation and distribution (26.34 points), chemical (9.95 points) and cement (8.17 points).
Stocks that contributed significantly to the traded volume included WorldCall Telecom Ltd (16.58m shares), TeleCard Ltd (12.57m shares), TRG Pakistan Ltd (11.19m shares), Unity Foods Ltd (10.48m shares) and Hascol Petroleum Ltd (10.14m shares).
Stocks that contributed positively to the index included Pakistan Petroleum Ltd (60.49 points), Systems Ltd (46.42 points), TRG Pakistan Ltd (36.34 points), Pakistan Oilfields Ltd (32.41 points) and Oil and Gas Development Company Ltd (20.14 points).
Shares that contributed negatively included United Bank Ltd (35.07 points), Habib Bank Ltd (31.59 points), Engro Corporation Ltd (18.94 points), Nishat Mills Ltd (18.57 points) and Fauji Fertiliser Company Ltd (13.04 points).
Stocks recording the biggest increases in percentage terms included K-Electric Ltd, which went up 8.49pc, followed by Pakistan Petroleum Ltd (5.25pc), TRG Pakistan Ltd (4.16pc), Systems Ltd (3.17pc) and Pakistan Oilfields Ltd (3.08pc).
Foreign investors remained net buyers as they purchased shares worth $0.485m on a net basis.
Published in Dawn, December 7th, 2021
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