Karachi: Stocks on Monday closed flat amid late session profit-taking in blue chip scrips, the KSE-100 index gain 11 points to close at 33966.75 points or 0.03% up.

Another dull session was seen today as investors were reluctant to take fresh buying in absence of any trigger.  Traded volume declined by 7% to 135mn shares while traded value increased by 4% to Rs7.5bn/US$72mn.

Below than expected quarterly result of MLCF forced investors to trim their position in the stock. It closed down by 1.45%. Renewed interest was seen in textile stocks after the announcement of textile package. NML, NCL and KTML gain 1.85-2.85%. Interest was also seen in SNGP and SSGC, after newspaper reports that gas tariff will further increase in Jan 2016.

HASCOL close at its upper limit of 5% after they announced through a KSE notice that they have entered into preliminary discussions with Vittol Asia Pte Limited for exploring a possible transaction which could involve an investment by Vittol in the shares of HASCOL and also a supply rights arrangement, stated Mohammad Rizwan, Head of Sales Topline Securities.

Likely hike in local gas tariff and uncertainty in the global equities and commodities impacted the sentiments. Support witnessed in selected textile stocks after FM relief against APTMA concerns for export refinancing rates, regulatory duties on imports and pending tax refunds, observed analyst Ahsan Mehanti.

The E&P sector remained under pressure where major scrips like PSO down 0.7%, PPL 0.6% and POL down 1.5% remained under pressure throughout the day, with the exception of HASCOL that hit its upper limit after the announcement Vittol Asia Private Limited could potentially invest in the company.

On the other hand, the Gas distribution companies SSGC 2.0%, SNGP 2.2% and MARI 1.7% all closed positively, commented analyst Ahmed Saeed Khan.