KARACHI: Stocks closed flat on Monday with the KSE-100 index up a meagre 11.77 points (0.03 per cent) at 33,966.75.
Following the strong global market trend, the index initially jumped by 110 points. But the investors quickly retreated and trimmed their positions deciding to wait for triggers.
Foreign investors made small net purchases of $0.39 million, while the year-to-date foreign selling stood at $204.64m.
Brokerage Topline Securities stated that another dull session was seen on Monday as investors were reluctant to take fresh position.
“All eyes are on the US-Pakistan talks scheduled this week,” said analyst.
Traded volume increased by 2pc to 135m shares while traded value rose by 1pc to Rs7.6 billion.
Renewed interest was seen in the textile sector owing to relief measures announced for the sector by Finance Minister Ishaq Dar.
Nishat Mills (NML), Nishat Chunian (NCL) and Kohinoor Textiles (KTML) were up 2pc to 3.2pc.
Interest was also seen in Sui Northern Gas Company (SNGP) and Sui Southern Gas Company (SSGC), after reports that gas tariff will further rise in January 2016.
Dealers at Global Securities said that the index continued to remain positive throughout the day finding support near the 34,000-level.
With results approaching, SSGC and SNGPL witnessed the highest turnover of 11m shares and 9m shares, respectively.
Analyst at JS Global said that the major scrips in the E&P sector remained under pressure throughout the day, PSO down by 0.7pc, PPL by 0.6pc and POL by 1.5pc, with the exception of HASCOL that hit its upper-limit after the announcement of Vittol Asia Pte Limited could potentially invest in the company.