KARACHI: Investors at the stock market remained indecisive on Friday marked by choppy trade as suspense was thick in the air over the State Bank of Pakistan Monetary Policy that was to come after trading hours.
The benchmark KSE-100 index closed slightly positive with gains of 96.39 points (0.25 per cent) at 38,649.34.
The index opened on a positive note and remained volatile throughout the last trading day of the month, oscillating between the intra-day high and low by 176 and 69 points respectively.
Traders also took a cautious view following Finance Minister Asad Umar’s observation of the International Monetary Fund (IMF) bailout package to be secured by the middle of May. It raised some concerns over the implications on costs of compliance measures that may have to be taken to meet the IMF requirements.
The sell-off came mainly from individuals who dumped stocks worth $3.43 million while the foreign investors took fresh positions in stocks valued at $1.63m.
Volumes increased slightly to 137.7m shares as against 132.2m shares (up 4pc DoD) on Thursday. Average traded value also increased by 18pc to reach $36.9m as against $31.3m the previous day.
For the third day, Unity Foods rights share remained the volume leader with 25m shares changing hands, accounting for 18pc of total volumes.
Among scrips, Oil and Gas Development Company was up 0.9pc, Engro Corporation 0.9pc, MCB Bank Ltd 0.3pc, Fauji Fertiliser Company 0.2pc, United Bank Ltd 1.2pc, Bank Al Habib Ltd 0.4pc, Pakistan Oilfield Ltd 0.4pc, Lucky Cement 1.3pc and Engro Fertiliser 0.1pc were the top gainers which cumulatively contributed 87 points to the index.
On the flip side, Hub Power Company Ltd was down 2.41pc, Habib Bank Ltd 1.57pc and Pakistan Services Ltd 5pc were the major laggards. Analysts recommend taking short-term positions on value scrips.
