KARACHI: Lack of triggers and fluidity on the political front kept the broader index range-bound on Thursday.
The KSE-100 index moved between intraday high of 122 points and intraday low of 77 points, but closed after adding a mere 7.33 points at 42,411.80 after the Supreme Court adjourned Panama leaks hearing till the 30th. Investors feared that the case could drag on which prompted them to take profit at current levels. Unabated foreign selling also took its toll on the market.
Overall volume rose to 497 million shares, from 386m shares a day earlier and trading value increased to Rs15.6 billion, from Rs13.1bn. Although foreign selling intensified on Thursday with an outflow of $12.7m, it had little impact on the index as the sell-off was absorbed by the local institutional and individual investors.
According to calculations by analysts at Intermarket Securities, LUCK was up by 2.97pc, HASCOL by 5pc, POL by 1.35pc, JSCL by 4.90pc and FABL by 3.51pc, altogether adding 93 points to the index. UBL, DAWH and HUBC lost 0.75pc, 1.42pc and 0.82pc respectively, dragged the index down by 40 points. From a sector perspective, cements, multi-utilities and steel staged a buoyant session while autos, banks, power and pharmaceuticals caved into profit taking.
Oil marketing company Hascol closed at its upper circuit for the second consecutive day on the back of the material information regarding an acquisition of an additional 10pc stake in the company by Vitol Dubai Limited.
E&P came off its lows to close in green with the exception of PPL and MARI which lost 0.52pc and 0.23pc respectively. POL rose by 1.35pc as international oil prices recovered a little to trade near $46 a barrel. Refineries were also subjected to profit taking with NRL plunging 0.55pc, ATRL 1.17pc and PRL 0.73pc.