The share market started the week on a flattish note with the KSE-100 index closing 2.8 points higher at 36,125 points Monday. Showing volatility, the index hit the intraday high and low of 36,241 and 36,088 points. Trading turnover declined to 221 million shares worth Rs 7.52 billion. Of the total 374 scrips traded, 189 surged, 160 dipped and 25 remained unchanged.
The capitalisation of listed companies fell to Rs 7.39 trillion as the foreign portfolio investment showed a negative trend to witness a net selling of $39,886. Dewan Salman, rising to Rs 2.82 at close, led volumes with 13 million turnover. Other best performing issues were TPL Trakker, TRG Pakistan, PTCL, SNGPL, JSCL, Dewan Cement, Pace Pakistan, Silk Bank and K-Electric.
Trade in futures also was bearish and slumped to 30 million contracts from the previous 44 million. "Stocks closed flat amid pressure ahead of PM''s address to the parliament on political controversies," viewed Ahsan Mehanti of Arif Habib Corp. Oil scrips outperformed the index after US West Texas Intermediary crude prices hit $48 a barrel level, he added. "Institutional support in select fertilisers, energy and cement stocks on pre-budget speculations supported the index to close above days lows," the analyst said.
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