KARACHI: The stock market remained range -bound on Tuesday amid thin investor participation. The benchmark KSE-100 share index edged higher by 85.96 points (0.22 per cent) to settle at 39,476.17 points.
Following the lead of global markets, which remained steady due to stronger than expected US jobs reports on Friday and a jump in crude oil prices, the local bourse took off on a positive note. However, the PSX became subdued after the terrorist attack in Quetta.
Traded volume declined 24pc to 199 million shares while traded value decreased by 12pc to Rs7.9 billion.
K-Electric (KEL) was the volume leader with 25.7m shares traded and while substantial activity was seen in lower tier stocks.
MCB pulled the index downwards by taking away 52 points while UBL, HBL and ENGRO added 105 points to the KSE-100 index. Analysts at Intermarket Securities pointed out that cement stocks maintained mixed performances as DGKC and LUCK gained 0.57pc and 0.43pc while CHCC and MLCF shed 0.39pc and 0.44pc respectively. Among banks, UBL witnessed renewed investor interest as it closed 3.62pc higher. On the flip side, MCB remained under pressure throughout the session.
“OGDC and POL in the E&P sector gained to close in the green zone, as crude oil prices surged to trade above $42/bbl. level (WTI)”, said analyst Nabeel Haroon at JS Global. BGL closed on its upper cap for the second consecutive day. EPQL gained to close on its upper limit, as the power company declared its half yearly result.
