Stock market fails to pick momentum

KARACHI: The stock market failed to search for any positive triggers and had another frustrating day as the indices showed small gains.

The KSE 100 index rose by just 72.07 points, or an increase of 0.17%, to close at 43,065.81 points. The bourse stock the 43,000 points level which it lost a few days ago. The total volume of scripts was recorded at 152.132 million values at Rs5.381 billion.

Meanwhile, the lower KSE 30 index bench also witnessed a minor increase of 33.69 points (0.17%) to close at 19,965.30 points. The bench had also dropped below the 20,000 points level this week. The total volume of scripts was 109.996 million.

It was a clumsy day for share prices which remained in the green with minor changes. Bank of Punjab (4.67) was the most active stock followed by WTL (-2.99%), TRG (-0.55%). There were increased investment in the banking and cement sector. MLCF (0.04%), Dewan Cement (3.27%) and Power Cement (3.09%) were some of top advancers in the cement sector.

Yesterday, the stock market on Wednesday slipped down after failing to search for any positive triggers during intra-day trading. The KSE 100 index declined by 214.01 points or a decrease of 0.5 percent to close at 42,993.03 points.

The stock market has stagnated during the current week as investors remains disinterested in low-prices stocks. There banking sector offered some respite in anticipation of the monetary policy for the month of January which will set the direction for much of the fiscal year. Investor’s confidence was boosted as international credit agency Fitch rating Pakistan as B- with a stable outlook.