Profit taking activity on Wednesday trimmed the gains made early during the day's proceedings and the index closed with a paltry improvement where volume stayed above 300 million shares level.
The KSE-100 index showed a rise of 2.43 points, or 0.05 percent, to 4982.29 as compared with 4979.86. The business totalled at 309.844 million shares as against 365.353 million shares of Tuesday.
During the proceedings the index touched its intra-day high of 4995.41 but profit taking and selling pressure dashed all hopes of to reaching the 5000 points level.
The index soon went down to touch its session low of 4969.27 but recovered from that level as buying spurted in some of the key scrips belonging to cement, gas, airline and fuel landed in the positive zone.
Aadil Ehtesham of Multiline Securities said that the market weakened in a noticeable fashion during the day after making an abortive attempt to touch the coveted 5,000 level.
Countrywide events, threats, and rumours had taken the wind out of the earlier advance. The market, dripping into the red, tended lower in choppy trade as activity had been quite volatile, rather trendless, and continued to paralyse buyers.
Sellers on the other hand were not as active, but gradually intensified their efforts especially toward the end of the session. Stocks like KESC, Telecard, Lucky Cement and PPTA returned into the red after being up for the last few sessions.
The market is expected to relish mixed brew before making a valiant attempt to print coveted 5,000 marks. However, chances of downward corrections are equally poised.
OGDC for the third consecutive session was the star of the trading session and remained the volume leader in the market, followed by the news that production capacity of Adhi field would be doubled in the next three years, which is a joint venture with PPL.
Looking at the market sentiment, traders were of the opinion that the market is likely to touch 5000 mark in the coming session. However, activity is likely to remain in the second and third-tier items.
OGDC denoted an increase of 70 paisa to Rs 54.85 on turnover of 65.417 million shares; FF Bin Qasim rose 20 paisa to Rs 20.55 on business of 28.467 million shares; D.G. Khan Cement moved up to Rs 48.70 from Rs 48.05 on trading of 22.948 million shares; Fauji Cement rose five paisa to Rs 13.20 on a volume of 16.714 million shares; and Saadi Cement showed a gain of 70 paisa to Rs 9.50 on deals of 14.494 million shares.
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