Daily Times

karachi: Volumes plummeted on Monday, as investors remained cautious ahead of the prime minister’s address in the National Assembly over the ongoing Panama leaks controversy.

Asian markets on contrary ended mostly higher on Monday, as traders shrugged off data released over the weekend that revived concerns over the Chinese economy.

Oil prices jumped over 2% to their highest since October 2015 on growing Nigerian oil output disruptions and after long-time bear Goldman Sachs said the market had ended almost two years of oversupply and flipped to
a deficit.

The benchmark KSE 100 index hovered around the 36,000 mark and hit a high of +120.14pts and low of 31.99pts before
ending flat.

The KMI 30 swung between the band of positive 207.55pts and negative 96.15pts to record gains of 41.16pts and close at 62,919.35. Index was supported by oil scripts.

The KSE All Share Index settled at 24,616.22 up only 3.48pts. The session saw 186 advancers and 153 decliners.

The market volumes came cruising down from 312.753 million in the last session to 220.955 million on Monday. Technology and communications sector dominated the volume chart with volume of 29.80 million. TRG Pakistan Limited (TRG-3.33%) was highest traded. Telecard Limited (TELE) and Media Times Limited (MDTL) were prominent gainers in the sector of 6.91% and 4.71%, respectively.

The chemical sector was next with 22.25 million shares traded. Low and mid cap companies grabbed investor interest; Sardar Chemical Industries Limited (SARC) appreciated 15.38%, Data Agro Limited (DAAG) and Agritech Limited (AGL) was next with 8.13% and 7.08%. Top market cap companies were weak; Colgate Palmolive (Pakistan) Limited (COLG) inched up 0.19%, ICI Pakistan Limited (ICI) dropped 1.40% and Archoroma Pakistan (ARPL) surged 1.64%.

The oil and gas exploration sector rallied upon increase in global crude oil prices. Index Giant Oil and Gas Development Company (OGDC) featured in the list of top 30 traded scripts. The script rose 1.25% to Rs 144.64 reducing its one-year downfall in share price to 23.61%. Pakistan Oilfields Limited (POL) edged up by 1.38% to Rs 347.49. The script has depreciated 11.03% in a year. Pakistan Petroleum Limited (PPL) was up 0.70% and Mari Petroleum Limited (MARI) gained 0.30% to end at Rs 858.84.

Honda Atlas Cars (Pakistan) Limited (HCAR) dripped 3.35% as the company is due to announce financial results early morning
on Tuesday.