KARACHI: Trading remained dull on the stock market on Thursday as investors withdrew for the long Eidul Fitr holidays ahead, with only one session remaining.
With erosion of a minor 3.03 points (0.01 per cent), the KSE-100 index ended flat at 37,783.54. Volume declined to 115 million shares from 134m shares traded a day ago and trading value dropped to Rs7.4 billion from Rs8.07bn.
Foreign investors bought stocks worth $3.56m on Thursday. Among local participants, banks booked gains at close of financial year with sales of shares valued at $10.15m.
Analyst Arhum Ghous at JS Global stated that the index traded between an intraday high of 208 points and low of 56 points to finally close on a flattish note.
Investor interest was seen in the textile sector on the back of news that the government would possibly issue a statutory regulatory order on zero-rated regime for export-oriented sectors.
Major gainers of the sector were NML (+0.62pc) and KTML (+2.22pc). Among oil-marketing companies, PSO (+0.71pc) and SHEL (+1.02pc) gained, as the Oil and Gas Regulatory Authority a day ago had recommended increase in prices of petroleum products by Rs1.93 to Rs8.62 per litre for July.
In the exploration and production sector, OGDC (-1.20pc), PPL (-1.23pc) and POL (-0.43pc) lost value on account of slump in crude prices.
“After a two-day rally of 746 points, the KSE-100 index took some breather and closed relatively unchanged at 37,783 points,” stated dealers at Global Securities.
Local bourse witnessed a volatile session as index remained directionless throughout the day, hovering between green and red zone within a band of 264 points.
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