Daily Times

The KSE-100 Index closed Monday at 37,504 levels, up 166 points or 0.4 percent after making a high and a low of +361 & -57 points, respectively.

The market inched up on the back of reports that the government is planning to inject in stock market support. Moreover, Pakistan is undergoing a high level meeting with the IMF regarding a bailout package, said an equity analyst Danish Ladhani.

From the Cement sector, Lucky Cement (LUCK) (+0.2%) and Dera Ghazi Khan Cement (DGKC) (+1.4%) closed positive and Fauji Cement Company limited (FCCL) (+4.0%) closed near limit up.

Mixed sentiment was seen in the Fertilizer sector where Fauji Fertiliser Bin Qasim (FFBL) (-0.4%) and Fauj Fertiliser Company (FFC) (-0.1%) closed negative whereas Engro Fertiliser (+0.5%), Engro (+0.5%) and FATIMA (+2.2%) closed in the green zone. Financials saw similar sentiments where Habib Bank Limited (HBL) (+1.7%) and MCB Bank (+0.7%) closed in the green but Allied Bank Limited (ABL) (-0.4%) closed in the red. HBL (+1.7%), MCB (+0.7%), DAWH (+1.2%), HUBC (+0.6%), and OGDC (+0.4%) were top scrip to cumulatively contribute +71 points to the positive closing.

During the trading session, 172 million shares worth $44 million changed hands, reflecting a 9 percent fall in traded volumes and a 15 percent increase in traded value.

Furthermore, major contribution to total market volume came from Pak Elektron (PAEL) (+5%), K-Electric (-2.5%), Bank of Punjab (BOP) (+1.2%), FCCL (+4.0%) and TRG (+3.0%).

Ladhani expects market to remain choppy and volatile and recommend investors to stay cautious in the short run ahead of International Monetary Fund (IMF) meetings.