Karachi: The relentless rise on stock market witnessed last week slowed down on Monday as the KSE-100 index traded range-bound and closed with a modest gain of 45.93 points (0.13 per cent) to settle at 35,502.28.
Market participants were, however, encouraged by the sight of the index closing in the green despite pressure on the global equity markets due to Greece referendum.
Traded volume increased by 1.6pc to 362 million shares while value rose by 16.8pc to Rs18.7 billion.
Foreigners invested $4.44m, with major inflow of $3.5m in cement sector and $2.1m in banking.
Ahsan Mehanti at Arif Habib Corp stated that stocks closed higher led by second- and third-tier scrips on speculations ahead of earnings announcements due this week.
Strong economic outlook, rising cement despatches and reports related to recovery in urea sales for June 2015 invited investor interest in cement and fertiliser scrips amid concerns for higher tax levies in the banking sector under Finance Act 2015.
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Topline Securities VP Mohammad Rizwan stated that the cement and chemical stocks made major contribution in KSE-100 index. LUCK, ENGRO and FCCL rallied 3.76pc, 4.22pc and 1.41pc, respectively.
PSO, POL, PPL and OGDCL ended down by 1.1pc, 2.6pc, 2.8pc and 1.9pc, respectively.
Analyst Umair Hasan at JS Global commented that the increase in KEL’s tariff by 20-80pc, translated into positive investor sentiment in its stock which remained the volume leader, ending higher by 1.7pc. Sideboard scrips were also in the limelight.
Analyst Fahad Hussain Khan at Adam Securities said that the unstoppable bull-run seemed exhausted as the local bourse moved either way. Investors offloaded oil exploring stocks amid declining crude price in international market.
