Market watch: KSE-100 ends positive as late buying gives momentum

Benchmark KSE-100 Index edges up 53.35 points to close at 45,083.57

KARACHI: The stock market gained marginally on Monday as the momentum generated by the rupee's devaluation in the previous week came to a halt.

After staying negative for a majority part of the session, however, late buying helped the KSE-100 Index end higher to finish positive for the fifth successive session.

Losses in foreign markets due to concerns over a looming global trade war increased investor apprehensions at the start of the session. But the oil sector provided some balance on the back of an increase in international crude prices.

At the end of trading, the benchmark KSE 100-share Index finished with an increase of 53.35 points or 0.12% to settle at 45,083.57.



Elixir Securities' analyst Abubakr said equities ended almost flat on Monday after a choppy and range-bound trading session as investors turned cautious following losses in the US and regional markets amid trade war worries.

The benchmark KSE-100 Index consolidated its position above 45,000 points, supported by gains in oil stocks (+0.7%) as investors tracked the upsurge in international crude prices.

Fertiliser stocks (+0.4%) and selected cement shares traded positive, notably Lucky Cement that gained 0.6% and DG Khan Cement that rose +0.7% on reported foreign buying.

Overall, trading volumes and value on the KSE All-share Index fell 14% and 19% respectively versus a three-day average as the ongoing futures rollover week likely kept participation at the minimum level, Abubakr said.

"Going forward, investors shall continue to track developments pertaining to a proposed amnesty scheme while foreign flows will also guide market direction," he added.



Overall, trading volumes decreased to 187 million shares compared with Thursday's tally of 228 million.

Shares of 362 companies were traded. At the end of the day, 174 stocks closed higher, 167 declined while 21 remained unchanged. The value of shares traded during the day was Rs8 billion.

Unity Foods was the volume leader with 24.7 million shares, gaining Rs0.85 to close at Rs27.86. It was followed by Lotte Chemical with 10.4 million shares, gaining Rs0.26 to close at Rs10.71 and Fauji Foods with 10.07 million shares, gaining Rs1.51 to close at Rs35.73.

Foreign institutional investors were net buyers of Rs129 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.