KARACHI: The stock market, as expected, witnessed a choppy session on Monday amid heightened volatility on the back of political mayhem.
The benchmark KSE-100 index made a peak and a trough of plus 301 and minus 83 points.
Although the index closed with minor gains — adding just 21 points (0.05 per cent) — at 39,894, it did snap a six-day losing streak.
The session started with jittery investors being the first to offload equity, which saw the index go into downward spiral within 15 minutes of the opening. It, however, staged a comeback after the Islamabad High Court reiterated its earlier order that the Pakistan Tehreek-i-Insaf should hold its planned sit-in at designated places.
The index, thus, regained some of its lost mojo and recouped previous losses to clock in an intraday high of 0.7pc.
But as there was no let-up in political violence, sell-off resumed as day traders opted to offload their positions to reduce their exposure before the end of the session.
“Banks, fertilisers, cements, autos and oil and gas witnessed a mixed session amid thin market participation,” analysts at Intermarket Securities said.
Overall, volumes fell by around 28pc to 238 million shares and value dropped 31pc to Rs7.57 billion. K-Electric led the volumes with 41m shares traded.
The utility gained on the back of an Abraaj Group’s announcement that its subsidiary KES Power has entered into a definitive agreement to divest its shareholding, at 66.4pc, in K-Electric.
Falling crude oil prices took its toll on energy players with the Oil and Gas Development Company rising 0.24pc and Pakistan Petroleum 0.13pc while Pakistan Oilfields fell 0.10pc.