The KSE-100 index on Wednesday gained 27.11 points and closed at the level of 9,705.00 on the back of continuous interest of investors in some select stocks. After positive opening the index hit 9,766.29 points intra-day high level, up 88.41 points. The index briefly visited negative zone during mid-session as the investors opted for profit taking in some stocks.
However, follow-up support once again pushed the index into positive territory to close in green. Due to less participation of retail investors, trading remained low and the volume at ready counter declined to 59.453 million shares as compared to 63.810 million shares traded on Tuesday. Market capitalisation increased by Rs 6 billion to Rs 2.721 trillion. Of 340 active scrips, 176 closed in negative and 147 in positive, while the value of 17 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 10.638 million shares and gained Re 0.20 to close at Rs 7.59. Jahangir Siddiqui Co lost Re 0.23 to close at Rs 10.83 with 4.604 million shares. TRG Pakistan increased by Re 0.19 to close at Rs 3.38 with 4.469 million shares. Azgard Nine gained Re 0.17 to close at Rs 10.19 with 3.920 million shares. Arif Habib Sec declined by Rs 1.13 to close at Rs 25.12 with 3.249 million shares. Netsol Technology gained Re 0.32 to close at Rs 19.77 with 3.187 million shares. PTCL inched up by Re 0.05 to close at Rs 19.01 with 2.271 million shares.
MCB surged by Rs 4.05 to close at Rs 191.48 with 2.043 million shares while NBP declined by Rs 1.16 to close at Rs 64.72 with 1.663 million shares. Byco Petroleum gained Re 0.20 to close at Rs 10.38 with 1.631 million shares. Unilever Pakistan and Nestle Pak were the highest gainers and increased by Rs 60.96 and Rs 36.04 to close at Rs 3874.29 and Rs 1776.05 respectively, while Unilever Food and Colgate Palmolive were the worst losers and declined by Rs 38.52 and Rs 16.01 to close at Rs 816.59 and Rs 728.32 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the resident participants yet again made desperate attempt to keep positive numbers on board. With the support of minimal turnover in OGDC and Nestle, while whispers of offshore buying in MCB supported the index to maintain positive stance. Although volatility stayed low thus depicting that major volume was contributed through hand change in order to keep the interest of existing participants alive.
He said the sell-off from the corporate corridors was mainly due to expectations of likely increase in debt market, which kept the corporate participants poised towards debt market, and retailers either opted for short-term punt or looked more comfortable in currency market. Lack of local interest apart, resident participants did offer resistance to the bulls.
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