karachi
Stocks on Wednesday closed flat ahead of Economic Survey ‘15 release on cautious activity in the pre-budget session, the benchmark KSE-100 Index closed at 33908.62 points.
The market remained range-bound through the day’s trade to end only marginally up by 13 points. After opening on a strong bullish note this week, market participants were mainly booking profits today.  Cement sector continued its rally with LUCK and MLCF ending 0.7pc, 3.7pc higher. After touching an intra-day high of 224 points, market corrected itself to close range-bound after political uncertainty surfaced in the metropolitan.
Strong volumes were witnessed in the bourse today, a healthy sign ahead of the budget. Most sectors remained largely range-bound including Banks and Oil & Gas sectors, commented analyst Umair Hasan at JS Global. Volumes traded in the market stood 304m shares with value Rs.10.7b. LUCK and MLCF remained on investors’ radar. LUCK gained 0.49pc with volumes traded 1.5m shares.
 MLCF up by 3.7pc with volume of 7.1m shares
Major activity was seen in mid tier stocks. KEL led the volume with 41m shares, followed by JPGL with 24m shares and DCL with 21m shares. Analyst Ahsan Mehanti said institutional interest in cement, fertilizers and power sector stocks on upbeat fertilizer off-take data and cement local dispatches data for May’15 and falling borrowing costs for leverage scrips played a catalyst role in bullish activity at KSE. Market dealers expect volatility to prevail as the date of the budget comes closer. Healthy allocation to the PSDP may prove to be beneficial for the cement sector with LUCK, DGKC and MLCF as our preferred picks.