The profit-taking in several key scrips erased share values on Wednesday discouraging genuine investors to build fresh positions in oil, gas and bank sectors. The market struggled to hold ground with the KSE-100 index declining 44 points to the 7451 point level. Once again the 7500 point level proved formidable with the index weakening after making 7537 points intra-day high.
The volume fell to 230 million shares as compared with 278 million shares of Wednesday. The market capitalisation moved down to Rs 2.068 trillion down from Rs 2.079 trillion.
PTCL remained under pressure from the very start portraying 80 paisa net loss, while OGDCL though remaining in the positive for most of the day eventually caved in declining by Rs 1.05. In Wednesday's newspapers, OGDCL had clarified that the malicious story regarding the oil exploration giant published earlier was baseless.
The profit-taking was also seen in NBP after Wednesday's massive surge with the scrip losing 0.4 percent. PSO dominated on expectations of increase in petroleum prices though the broader slide of the market trimmed the scrip's increment to just Rs 0.60, while PPL and POL declined by Rs 2.05 and Rs 0.60, respectively.
Stocks that remained in the green territory were FFBL, MCB and PICT rising by 1 percent, 1.5 percent, and 5 percent, respectively. The financing gap resulting from the phasing out of badla continues to dampen valuations.
A leading trader said that confusion regarding government's likely action to curb the surging cement prices also had an impact as the industry is likely to have a negative impact due to rising interest rates and increasing international oil prices.
Although market is still offering stocks at discounted levels, and fresh funds are expected to make their way in the market. Adjustment in prices would, however, be awaited placements, it is, therefore, recommended to wait for adjustment placements while low volume strength should be capitalised. Technically, the index would continue to invite resistance around 7450-7457, while immediate support stays at 7377-7383. Last day phobia is likely to influence the market in second session, therefore, intra-day trading position should be avoided.
PTCL suffered a decline of 80 paisa to Rs 65.95 on a turnover of 62 million shares, OGDC showed a drop of Rs 1.05 to Rs 105.30 on a trading of 42 million shares, NBP posted a fall of 50 paisa to Rs 107.95 on deals of 25 million shares, PSO gained 60 paisa to Rs 386 on a volume of 16 million shares, and Fauji Fertiliser Bin Qasim rose 25 paisa to Rs 26.90 on deals of 9.2 million shares.
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