Daily Times

Market participation remained lacklustre at the KSE-100 index on Monday as lack of triggers and Eid holiday-week kept investors away from the bourse.

On Monday the benchmark KSE-100 index clocked at 47,873 level after posting a mere 38.93 points gain. The index touched an intraday high of 48,004.54 and a low of 47,751.72 as it traded in a range of 252.82 points or 0.53 percent of previous close.

Trading kicked off on an optimistic note but witnessed volatility as intra-day correction and discounted share prices attracted selective buying after midday.

Pakistan’s gas companies including Sui Southern Gas Company Limited and Sui North Gas Pipeline Limited closed the day at their respective upper circuits as reports suggested that the multi-billion dollar North-South Gas Pipeline Project between Pakistan and Russia would benefit these companies, said Topline Securities.

But uncertainty over Pak-Afghan relations coupled with a depreciating rupee kept market gains in check. The Pakistani rupee declined to its lowest value in almost nine months in inter-bank trading on Monday.

Fresh rounds of lockdown fears also kept the index in check as resurgence of Covid-19 has taken 24-hours positivity ratio above 4.95 percent mark.

The volume at KSE-100 receded from 109 million shares recorded in the previous session to 108.55 million shares, while the all-share index recorded a volume of 320.97 million shares, down from 348 million shares from the previous session.

The volume chart was led by BycoPetroleum Limited followed by DNCCR and Sui North Gas Pipelines Limited. As per the National Clearing Company of Pakistan limited (NCCPL) foreign investors were net sellers of worth $8.07 million worth of shares.

During the session, sectors which lifted the index were miscellaneous with 33 points, oil and gas marketing companies with 29 points, commercial banks with 18 points, automobile assemblerswith 10 points and paper and board with six points.

Among the scrips, the most points added to the index was by Pakistan Services Limited which contributed 33 points followed by Sui North Gas Pipeline Limited with 25 points, Meezan Bank Limited with 12 points, Fauji Fertilizer Company Limited with 11 points and Sui Southern Gas Company Limited with eight points.

However, sectors which continue to dent the index were Cement with 24 points, technology and Communication with 14 points, food andpersonal care products with 13 points, investment banks with six points and insurance with five points.