Stocks eke out gains amid slow trading
The stock market turned in a cautious performance on Monday ahead of the monetary policy announcement as a result the benchmark index managed to post modest gains with a sharp contraction in the trading volume. Topline Securities Ltd said the equities kicked off the week on a positive note as the benchmark KSE 100 index rose 332 to 65,148 points in early trade amid hopes of a positive outcome of the ongoing IMF final review under the current $3bn Stand-By Arrangement, which would pave the way for the release of last tranche of $1.1bn. However, the uncertain interest rate outlook unsettled a section of investors who resorted to profit-taking at the day’s high level resultantly the index lost some of its initial gains. The equity investors adopted a cautious approach ahead of the monetary policy announcement, which was to be unveiled later in the day. A majority of market pundits were expecting a status quo given the ongoing IMF review of the economy and spike in Ramazan-driven inflationary pressure.