Karachi share market witnessed a range bound session with the benchmark KSE-100 index oscillating between 5,917.07 points intra-day high and 5,810.35 points intra-day low levels. Finally the index closed at 5,880.14 points level with a net gain of 40.51 points on Wednesday. It was the fourth consecutive session, where the index managed to close in the positive zone.
Trading activity improved as the volumes at ready counter increased to 191.596 million shares as compared to 177.797 million shares traded a day earlier. The overall market capitalisation increased by Rs 11 billion to Rs 1.835 trillion. Out of the total 269 active scrips, 132 closed in the positive and 124 in the negative while the value of 13 scrips remained unchanged. Pak PTA was the overall volume leader with 27.993 million shares and gained Re. 0.57 to close at Rs 2.70. NBP surged by Rs 3.12 to close at Rs 67.24 with 13.441 million shares.
OGDC lost Re. 0.57 to close at Rs 53.56 with 8.975 million shares. Jahangir Siddiqiui Co declined by Rs 1.37 to close at Rs 32.41 with 8.749 million shares. PTCL decreased by Re. 0.64 to close at Rs 14.86 with 8.155 million shares.
Arif Habib Sec gained Re. 0.52 to close at Rs 25.64 with 7.875 million shares. Bank Al Falah lost Re. 0.25 to close at Rs 13.15 with 7.333 million shares. Netsol Technologies declined by Re. 0.08 to close at Rs 21.16 with 6.335 million shares. NIB Bank decreased by Re. 0.06 to close at Rs 4.99 with 5.656 million shares. UBL gained Rs 2.05 to close at Rs 43.13 with 4.658 million shares.
Rafhan Maize and Ferozsons (Lab) were the highest gainers and gained Rs 65.00 and Rs 5.68 to close at Rs 1395.00 and Rs 119.47, respectively while Shezan International and Tri-Pak Films were the worst losers and lost Rs 14.53 and Rs 5.68 to close at Rs 276.08 and Rs 108.35, respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that an extremely range bound session was witnessed at the local bourse, thus offering limited trading opportunity to day traders. Selected stocks, however, continued to invite buying interest thereby disallowing an extended adjustment. Top tier stocks of the sectors awaiting results did display strength on the anticipations that the results will be at par with the results already announced of the leading stocks of the sector. Although cash payouts have been a prominent feature of the announcement season, future ability of the main board to stay consistent on the front has forced even the liquid participants to give priority to capital gains, rather to wait for dividend materialisation.
The shallow market has kept the chance of adjustment alive in the event of change of hands, cued up buyers on substantial discounts and unprecedented support by the state fund to the highlighted stocks and will keep the down side confined provided the political and geo political fronts stay calm.
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