Stock market witnesses range-bound session

KARACHI - The local bourse witnessed a range bound session, as investors sold shares at higher levels to book profits following a 3 per cent rise this week, dealers said.
The KSEs 100 index gained 10.11 points or 0.10 per cent, to close at 9,737 level with turnover of 170.94m shares. The index made an intra-day high at 9,813.13 points. In continuation of the last weeks trend, volume remained high and 236 million shares were traded, as the investors interest was seen in scrips which under-performed the market in the recent bull-run.
HBL and PTC witnessed renewed interest, as they closed 4.4 per cent and 3.0 per cent up respectively, and profit taking was observed in OGDC, which has remained a major beneficiary of foreign buying, closing 1.3 per cent down.
The KSE 100 Index opened in green zone with a gain of 16.38 points and at the end of the day closed at 9737.47 level with a gain of 10 points. KSE 30 index closed at 10244.21 with a loss of 12.66 points. All shares index closed at 6901.59 with a gain of 10.04 points. Trading activity was better as compared to the last session as the Ready market volume stands at 236.252m as compared to last trading session of 228.207m. Future market volume stands at 2.001m shares as compared to 4.159m shares of last session.
Market Capitalization stands over Rs 2.8tr, and total trades decrease to 119,279 as compared to last trading session of 127,205, while 188 companies advanced, 185 declined and 16 remained unchanged.
Highest volumes were witnessed in LOTPTA at 25.701m, closing at Rs 9.15 with a gain of Rs 0.31, followed by PTC at 22.022m, closing at Rs 19.50 with a gain of Rs 0.95, AHSL at 15.212mn, closing at Rs 49.99 with a loss of 2.28.
Ahsan Mehanti, a market analyst, said that mixed activity witnessed on profit taking by retail and institutional investors on uncertainty due to political impact on expected detailed SC judgment on NRO.
Oil and Gas sector remained positive on rising international oil prices near to $83 and expectation on revision of wellhead gas prices this month. Fall in rupee value invited pressure on market sentiment, however foreign interest in telecom, oil sector supported the market for a positive close, he added.
The news that have impact on market were federal Board of Revenue (FBR) 1H revenue reaches Rs577bn; govt has to keep budget deficit at 4.2 per cent; Untied States donates Rs1b for Karachi traders; E&P sector profits likely to fall by 20.16pc in 1H; and oil price spikes.
Hasnain Asghar Ali said that resolution of circular debt, stability of local currency after recovery and availability of user-friendly ready board leverage product may provide the desired trigger to the market. He observed that upcoming corporate results in some sectors are expected to stay on lower side.