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Stocks gain 73 points in range-bound trading

Stocks gain 73 points in range-bound trading

KARACHI: Stocks recovered after a five-day losing spell with gains of 73 points (0.17 per cent) to close at 42,363 on Thursday.

Trading remained range-bound, making the intraday high and low by 166 points and 95 points, respectively.

The volume decreased to 140 million shares, down 4pc from the earlier day’s 147m shares. The traded value improved 12pc to Rs6.05 billion from Rs5.42bn. Bank of Punjab led the volume charts with 12.3m shares.

Index-point leaders were Pakistan Oilfields, which gained 3.6pc, Pakistan International Bulk Terminal 4.5pc, Pakistan Petroleum 0.8pc, Engro Corporation 0.7pc and Fatima Fertiliser 4.3pc, contributing 91 points. Habib Bank lost 0.7pc, Lucky Cement 1pc, Meezan Bank 2.3pc, Bank Al Habib 1.4pc and Fauji Fertiliser 2.4pc.

Exploration and production sector added 45 points, oil marketing 17 points, refineries and transport sectors contributed 15 points each.

Cements shed 40 points, banks 38 points and power 9.5 points.

Dealers at Topline Securities said Attock Refinery rose from the ashes to gain 3pc and close at Rs413 per share amid a heavy turnover. Other refineries also outperformed the benchmark index with National Refinery gaining 2.05pc and Pakistan Refinery adding 1.27pc.

Meanwhile, speculations were rife in Pakistan Oilfields after the oil and gas explorer encountered hydrocarbons at an extraordinary depth of 18,500 feet.

“It seems that yesterday’s indictment of Finance Minister Ishaq Dar by an accountability court is keeping a tight lid on market sentiments as the political situation remains fluid,” observed Intermarket Securities. In addition, technical indicators are also painting a grim picture.

Published in Dawn, September 29th, 2017

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