Stocks stay flat amid lacklustre trading

KARACHI: Stocks traded within a narrow range for the second consecutive session on Tuesday, as the indices oscillated in both ways in search of a clear direction before closing flat.

Foreign investors closed the previous session as net buyers with a net inflow of $1.29 million.

The benchmark KSE-100 Index, which opened at 43,272.46, touched its intraday high at 43,468.22 (+249.55 points) during the initial trading hours. It then swung to its day’s low at 43,095.41 after losing 123.26 points. The index settled flat at 43,207.04 (-11.63 points). The KMI-30 Index inched up by 12.60 points to end day at 70,654.16, whereas the KSE All Share Index declined by 47.54 points, closing at 29,973.44.

The overall trading volumes decreased by 32pc on a daily basis and were recorded at 249.67 million. The Bank of Punjab (BOP +0.75pc) led the volume chart once again, followed by TRG Pakistan Limited (TRG -1.05pc) and TPL Corp Limited (TPL +7.54pc). The scripts had exchanged 18.02 million, 16.48 million and 14.61 million shares, respectively.

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Sectors that pushed the KSE-100 Index in the red zone included oil & gas exploration (-52.94 points), chemical (-21.08 points) and cement (-19.54 points). On the other hand, sectors that contributed positively included fertiliser (+48.28 points), banking (+21.51 points) and investment banking (+16.85 points).

On the market front, the Engro Polymer and Chemicals Limited (EPCL -3.78pc) board has stated that the company may issue preference shares with differential rights & privileges having face value of Rs10 by way of pre-IPO placements & public offerings each aggregating up to Rs3 billion other than by way of right issue.

Meanwhile, according to latest data released by Pakistan Automotive Manufacturers Association Passenger, car sales declined by 38pc to 9,987 units in December 2019 as compared to 16,141 units in December 2018. However, on a month-on-month basis, car sales witnessed a recovery of 17.16pc.

Honda Atlas Cars (Pakistan) Limited (HCAR +4.09pc) market share fell from 21pc in Jan 2019 to 9pc in December 2019 while Indus Motor Company Limited’s (INDU +0.61pc) share came down from 28pc to 21pc, whereas Pakistan Suzuki Motors Company Limited’s (PSMC +5.00pc) share inflated from 52pc to 70pc in the same period.

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