KSE-100 index down 18.89 points

The Karachi share market on Wednesday opened on a positive note and the KSE-100 index hit 14,088.24 points intra-day high on the back of fresh buying, mainly in banking, fertiliser and E&P stocks.
However, the index could not continued its upward move as market participants opted to offload their holdings and the KSE-100 closed at 13,990.11 points level, down by 18.89 points.
However, the KSE-30 index settled at 16,663.01 points level, up by 5.85 points. Trading remained low and the ready market volume declined to 180.931 million shares from 235.345 million shares traded a day earlier. The futures market turnover, however, increased slightly to 26.481 million shares against 25.187 million shares.
Market capitalisation declined by Rs 7 billion to Rs 4.287 trillion. Trading took place in 378 scrips, out of which 218 closed in negative and 128 in positive while the value of 32 scrips remained unchanged.
Fauji Fertiliser Bin Qasim was the star performer of the day with 17.001 million shares and surged by Rs 0.65 to close at Rs 43.25. It was followed by Bosicor Pakistan, which increased by Rs 0.25 to close at Rs 21.60 with 16.501 million shares. TRG Pakistan gained Rs 0.10 to close at Rs 13.10. Netsol Technologies increased by Rs 2.55 to close at Rs 137.25. MCB Bank gained Rs 6.35 to close at Rs 388.50 while NIB Bank lost Rs 0.35 to close at Rs 22.80.
Dewan Salman declined by Rs 0.10 to close at Rs 8.25. JOV & Co decreased by Rs 2.50 to close at Rs 134.50. Arif Habib Sec lost Rs 2.60 to close at Rs 177.00. PSO closed at Rs 439.00, down by Rs 3.90. Jahangir Siddiqui Co and Hinopak Motor were the highest gainers with Rs 62.85 and Rs 29.00 to close at Rs 1320.75 and Rs 612.00 respectively.
Arif Habib Limited and KSB Pumps were the highest losers and lost Rs 15.75 and Rs 10.50 to close at Rs 299.65 and Rs 207.50 respectively. Hasnain Asghar Ali at Aziz Fidahusein Securities said that aggressive stance by market players on opening yet again failed to inspire follow-up buying.
Although the opening bell witnessed activity in the main banking, fertiliser and E&P stocks, the unclear situation on the SBP's stance regarding economic growth seemed to have restricted any excitement. Etrength, on the other hand, continued to invite fresh float.
The trend to reduce interest rate, adopted by the world's leading economy in order to avert any major slowdown, could inspire step to be taken by the SBP. Its stance would certainly matter. Technically, the index will continue to face resistance 14,050-14,057 while major support stays at 13,990-13,996.