KARACHI: Stocks remained volatile in dull trading on Monday with the KSE-100 index managing to close positive with gain of 65.29 points (0.20 per cent) at 32,826.24.
Volumes were dull and stood at 105m shares on Monday, representing decline of 68pc from last three-month average daily volume of 327 million shares. Traded value also fell to Rs4.8 billion, 61pc lower than three-month average of Rs12.2bn.
Some analysts affirmed that the volume was low as investors were reluctant to take fresh positions with only two sessions ahead of the Eid holidays.
Others suspected that major brokers had for the time being distanced themselves from the market on rumours of probe.
Except for companies which sold substantial stock worth $4.45, individual and institutional investors stood on the sidelines. Foreign investors also went with the tide making tiny net buy of $0.16m.
Dealers on the sales desk at Global Securities observed that trading remained volatile throughout the day. The index started in the red zone, bottoming at 32,474 points (-287 points) while recovering during the later hours and peaking at 32,843 points (+82 points).
“The KSE100 found support from two scrips, namely HBL (+2.34pc) and UBL (+2.52pc), both of which contributed 97 points towards the index,” stated Global analysts.
“Market opened in red zone on Monday following decline in Asian markets. However, smooth future roll-over led to recovery,” dealers at Topline Securities said.
Analysts at JS Global stated that in the cement sector, DGKC spiked up 1.2pc after the company announced its yearly financial result (EPS: Rs17.42 and DPS: Rs5) beating expectations.