Stocks record meagre gain of 40 points1 min read

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KARACHI: After a choppy session, the KSE-100 index consolidated on Wednesday, marking a minor gain of 40.33 points (0.10 per cent) to close at 41,649.36.

Being the last day of October, analysts took stock of market performance whe­re the index was seen to have added 650.77 points (1.56pc) with daily average traded volume at 218m – highest in the last nine months.

The index oscillated between the intraday high by 216 points and low by 372 points. Following four-session gain of 9.6pc, investors were inclined to take profit. They also remained cautious over Supreme Court’s decision on Asia Bibi’s blasphemy case in the early hours of trading.

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The volume declined further 13pc to 285 million shares while average traded value also decreased 9pc to Rs11.3 billion. Stocks that contributed significantly included Pakistan Intern­ational Bulk Terminal, K-Electric, Shabbir Tiles and Ceramics, Bank of Punjab and Pak Elektron, reflecting 31pc of total turnover.

Also Read: Stocks gain 155 points despite profit-taking

Although most of the trading was seen in side-board items, DG Khan Cement also made to the volume leaders list with 11.8m shares. Among participants, foreigners sold shares worth $1m. Most other local institutions and individuals also took profit but Insurance companies absorbed all of the sales with buying at $6.8m.

Investors’ interest remained in the cement sector as DG Khan, Fauji, Maple Leaf and Cherat Cement closed in the green. Fertiliser also gained 29 points and tobacco 24 points whereas banks and exploration and production were the major dampeners.

Among scrips, major gainers were Pakistan Tobacco, up 4.02pc, Searle Company 5pc, Pakistan International Bulk Terminal 8.80pc, Dawood Hercules 2.21pc and Maple Leaf Cement 4.98pc, adding 98 points. On the other hand, Lucky Cement fell 1.93pc, Pakistan Petroleum 0.91pc and United Bank 1.03pc took away 63 points.

Published in Dawn, November 1st, 2018

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