KARACHI

Stock market witnessed a volatile session on Monday as the market juggled between intraday loss of 186 points and gains of 110 points, to finally close in negative territory.

The KSE-100 index declined by 137.96 points or 0.38pc to close at 36,084.67 points with volumes traded 265m shares value of Rs.12.5b/ $122m. Selling in index heavy oil stocks affected the benchmark KSE index. Oil stocks declined in line with fall in international oil prices. OGDC & POL fell by 1pc each. After rallying in last few sessions, auto stocks saw some profit-taking. EFERT June earnings remained slightly better than expectations. Stock gained 0.4pc with 12m shares, observed analyst Samar Iqbal at Topline brokerage.

Analyst Ahsan Mehanti stated stocks closed lower led by oil scrips after plunge in WTI crude prices near to $43/barrel.

Record earnings announced by Engro Fertilizers, expectations for approval of $502m IMF tranche under EFF and key announcements on privatisation of SOEs supported the sentiments.

Rising political uncertainty and weak global commodities played a catalyst role in bearish activity at KSE.

As the global oil prices continued its downward trajectory, the oil sector remained under pressure since the very beginning of the session with the exception of NRL that gained 2.4pc through the day. Local cement dispatches clocked in at 4.19pc higher therefore serving as a positive trigger for the sector, where major gainers in the sector were CHCC up 1.5pc, DGKC rose 0.6pc and MLCF 0.1pc respectively.

The auto sector changed its trajectory today and remained in the red throughout the day with the exception of HINO up 5pc that continued its euphoric growth. EFERT announced its half year result today with EPS of Rs5.35/share, resultantly EFERT and Engro rallied to close the scrips up 0.4pc and 2.3pc respectively, commented analyst Ahmed Saeed Khan.