The trend at the share market on weekend was quite wavering which reduced the daily volume, indicating that genuine investors had left before the closure of the market where losers signs outnumbered gainers. The KSE-100 index shed 39.83 points, or 0.56 percent, to 7104.65 from 7144.48. The volume fell to 160 million shares as compared with 224 million shares. The market moved erratically to both-minus and plus columns in both sessions.
In the first session, the market moved shakily up by 80 points to make a high of 7224, while the second session eroded more than the gains made in the first session, plunging by 191 points to 7033.
However, afterwards, having portrayed a volatile movement, the index recovered 72 points in the last few minutes of the session mainly on the back of buying in PTCL, and finally closed at 7105.
Hasnain Asghar from Aziz Fidahusein said that the news that PTCL and PSO would be put under hammer by the end of June allowed the daring to charge. Although, buying by locals in the index-base stocks did allow the index to make intra-day high of 7223, the artificial movement yet again failed to invite buyers; rather the carryover holding found way in the main stream as the last-day phobia created unrest among the market men.
Technically, the index would continue to invite resistance around 7190-7197. Positive outcome of the talked about proposals presented by the KSE management to SECP on authorised futures volume and exposure rules can invite trading interest. Speculative movement should therefore be capitalised.
Tanvir Abid, head of research at Live Securities, said that upbeat corporate earnings and privatisation-related news contributed to the rally. In the later session, the index failed to sustain the positive momentum. The downfall could be attributed to the squaring of positions by investors because Friday was the last day of trading in the April Futures contracts.
Nonetheless, towards the end the market recovered slightly and closed with a paltry fall of 39 points, from day's low of 190 points.
Going forward, the market is expected to resume positive momentum, gradually. "We suggest across-the-board accumulation."
PTCL shed five paisa to Rs 61.85 on business of 36 million shares; OGDC lost Rs 1.15 to Rs 95.60 on turnover of 18 million shares; MCB lost 65 paisa to Rs 75.35 on deals of 12 million shares; PSO moved up to Rs 368 from Rs 366.50 on a volume of 11 million shares; and NBP closed at Rs 96.70, ie lower by Rs 1.05, on transactions of 10 million shares.
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