Stock market ends flat in range bound activity

KARACHI: The stock market ended flat on Monday in range bound trading activities.

The Index closed at 35,697 points as against 35,704 points showing a slight decline of 6 points.

Analysts at Arif Habib Limited said that market traded range bound between -93 points and +188 points.

The volumes on Al Shares Index withered as compared to recent sessions, nonetheless a total of 125 million shares scored on the board.

Cement Sector remained in the lime light as was the case last week and tallied 21 million shares followed by Technology (17 million) and O&GMCs (14 million).

Among scrips, WTL topped volumes with 10M shares, followed by MLCF (9 million) and SNGP (7 million).

Investors engaged in switching positions while booking profits on scrips that were bought last week resulting in Index taking off.

Buying activity is still intact that encouraged investors to put the despondency in macro variables on the back burner and consider long term fundamentals to take charge.

Sectors contributing to the performance include O&GMCs (+57 points), Pharma (+31 points), Fertilizer (-56 points), E&P (-44 points) and Tobacco (-24 points).

Volumes declined from 142 million shares to 125.2 million (-12 percent DoD). Average traded value also declined by 18 percent to reach US$ 33.3 million as against US$ 40.4 million.

Stocks that contributed significantly to the volumes include WTL, MLCF, SNGP, UNITY and BOP, which formed 32 percent of total volumes.

Stocks that contributed positively include PSO (+26 points), SNGP (+18 points), SEARL (+15 points), BAHL (+15 points) and ENGRO (+13 points). Stocks that contributed negatively include FFC (-51 points), PAKT (-24 points), PPL (-24 points), POL (-19 points) and NBP (-19 points).

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