KARACHI - Dull activity was observed in local bourse on Monday with range bound activity, as index closed up by 2.88 points to close at 36,125.37 points.

Volatility prevailed in the market as the index traded between an intraday high of 120 points and intraday low of 32 points to finally close on a flattish note (0.01percent).

“Volatility in today’s session can be attributed to disturbance on the political front in the country. PIBTL continued its upward trajectory, as it gained to close on its upper circuit for second consecutive session on the back of the news that it has been added to MSCI Frontier market small cap index in the latest MSCI semi annual review,” observed analyst Arhum Ghous at JS Global.

Profit taking was witnessed in MUGHAL (down 1.63 percent), as investors came in to book their profits after the scrip closed on its upper circuit on Friday on the back of news that it has been contracted by FWO to supply steel bars for M9 project on eastern route of CPEC project.

In the E&P sector OGDC (1.46 percent), POL (1.67 percent) and PPL (0.75 percent) gained to close in the green zone as the crude oil prices increased to trade above $37/bbl level, dealers said. Volume decreased by 30 percent to 220 million shares while the value decreased by 15 percent to Rs 7.5 billion/$72 million.

POL, PPL and OGDC contributed 40 points to the index on the back of increasing global crude prices. Stocks gained between 0.7 percent and 1.4 percent. PIBTL once again closed at its upper limit as it was added into the small cap MSCI index, brokers said.