Stock notch minor gains in volatile trading

stock-notch-minor-gains-in-volatile-trading

Stock notch minor gains in volatile trading KARACHI: It was a volatile session on the stock market on Thursday, the first session after a two-day closure. As investors searched for direction, the early morning enthusiasm that carried the benchmark KSE-100 index up by an intra-day high of 227 points soon evaporated as profit-taking set in to drag the index down to an intra-day low of 60 points.

The index finally closed flat, adding just eight points (or 0.02 per cent), at 41,412.

“Possibility of US Fed rate hike and volatility in crude oil prices amid rising global supplies kept regional markets under pressure,” dealers at Topline Securities said. “Consequently, range-bound activity was witnessed on the local bourse, mainly due to absence of any triggers.”

The volume of shares traded increased 21.2pc to 441 million shares while the trading value rose 22.5pc to Rs14.7 billion compared to the previous session. Major participation was once again prominent in the second- and third-tier stocks with 33 shares hitting their upper circuits.

Foreign investors sold stocks worth $1.90m on Thursday, with the outflow coming mainly from the exploration and production (E&P) sector at $1.75m.

Stocks in the automobile sector rallied on the back of a depreciating Japanese yen. Pak Suzuki Motor Corpora­tion, Honda Atlas Cars and Indus Motors closed at their upper limit of 5pc.

Pakistan Telecommuni­cation Company Ltd’s share dropped by 1.9pc despite the fact that it announced earnings per share of Rs0.17 during the July-September quarter, which was in line with expectations.

Analysts at Intermarket Securities said that in the E&P sector, the Oil and Gas Development Company rose 0.20pc, Pakistan Oilfields 1.48pc and Pakistan Petro­leum 0.24pc amid a bullish outlook on crude oil prices as ongoing developments continue to ease supply side concerns.

Source: http://www.dawn.com/news/1289769/stocks-notch-minor-gains-in-volatile-trading

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