The simple advantage of seeing the index settle above 34,000 – Newspapers | Instant News

KARACHI: Stocks crept up on Monday as the KSE-100 index added 91 points (0.30 percent) and settled at 34,022.

Trading remains range-bound with indexes moving between intraday highs and lows with 131 points and 11 points. Traders said the lack of interest will likely see consolidation at the 34,000 level for several sessions before moving in any direction.

Lack of triggers, speculation regarding the federal budget 2020-21 will likely be announced on June 12 and the results of the National Coordinating Committee’s ongoing meeting during trading hours to decide on locking, making investors anxious. In addition, May inflation which was at 8.22 pc was in line with expectations giving a hint that there might be no change in policy levels.

Exploration and production and banking were mostly positive, while cement, fertilizer and pharmaceutical stocks faced selling pressure. In the E&P, the Pakistan Oil Field, the Pakistan Compamy Oil and Gas Company closed on green as international crude oil prices rise ahead of the upcoming OPEC + meeting. Profit taking is seen in the cement where Lucky, DG Khan, Pioneer; Maple and Cherat leaves are covered in red.

Foreigners sell shares worth $ 1.89 million while individuals are the main buyers of shares worth $ 2.37 million. Volume decreased by 15pc to 198.1 million shares, from 233.1 million while trading value also fell by 29pc to reach $ 44.2 million compared with $ 62.4 million. Shares that contributed significantly included Pak Electron, Unity Foods, Fauji Foods, TRG and JS Capital, which formed 35pc of total turnover.

Sectors that contributed to the performance including banks, were 165 points higher and E&P 50 points while cement, down 40 points, strength 19 points and insurance 18 points dragged the Index down.

Among scripts, OGDC, lower by 2.1pc, Habib Bank 1.7pc, MCB 4.2pc, Pakistan Petroleum 0.7pc, United Bank 3.6pc, Pakistan Oilfields 2.1pc and Al Habib Bank 3.0pc are the main movers of the index.

Published in Dawn, 2 June 2020

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