Stock market volatile

The benchmark KSE-100 index fluctuated wildly on Tuesday, ending the day 62.26 points higher at 21,110.34 points against 21,048.08 points a day ago. At one point during the day, the index fell by as much as 650 points. Karachi Stock Exchange witnessed the massive decline after the government announced filing a high treason case against General Pervez Musharraf (retired).
The main index touched a peak of 21,264 points during the intra-day trading. Commenting on the market''s performance, Ovais Ahsan, a technical analyst at JS Global, said that volatility remained the order of the day, adding that the market finally closed in the green zone on local institutional buying after a respite in global markets repaired the damaged local sentiment.
He said that PSO +4.3% hit its circuit-breaker as hopes of a solution of the circular debt was rekindled after reports emerged that the government was finally paying outstanding dues worth Rs 285 billion to IPPs. "The market also took comfort from foreign portfolio investors, who stayed net buyers in the market despite a broad sell-off over the past couple of days in regional markets," he said.
Ovais said that OGDC +1.3 % came in for a late buying spree, positively contributing to the index. The energy chain companies remained in a buoyant mode as the PM chaired a meeting to review the country''s new energy policy. KESC +6.6% and HUBC +1.9% were other notable gainers of the day, he said.
MCB came down as fast as its recent rally correcting 20% after hitting a high of Rs 316.87 on June 13 this year. ENGRO continued on its downward spiral on speculative selling based on fears of heavy urea imports by the new government and a poor gas supply situation, Ahsan said.
Market Capitalisation also witnessed a recovery trend: it closed at Rs 5.151 trillion against Rs 5.127 trillion while the trading volume remained on the lower side, volume at the ready counter stood at 211.827 million shares, down from 323.120 million shares. Positive trade was seen in 190 shares out of a total of 338 active scrips. As many as 128 companies shed prices and only 20 stocks remained unchanged at their previous level.
Atlas Battery and Colgate Palmolive were highest gainers of the day: their share prices increased by Rs 16 and Rs 15, respectively to close at Rs 338 and Rs 1,750, respectively. Wyeth Pak and Exide (Pak) were major losers, as their share prices decreased by Rs 20 and Rs 18.3, closing at Rs 1,620 and Rs 442.03, respectively.
Seven of the top ten companies witnessed an increase in their share''s prices. Fauji Cement emerged as the "Volume Leader" after its share price increased by 16 paisa, to close at Rs 13.41 and a turnover of 18.845 million shares. PTCLA also witnessed a bullish trend: it gained 95 paisa. Its share price closed at Rs 21 on 17.757 million shares and Maple Leaf Cement also remained in the green zone, posting a 21 paisa increase closed at Rs 22.73, volume was some 11.667 million shares.
BO Punjab remained as winner, with a rise of 31 paisa, closed at Rs 13.33 on 9.575 million shares while Jah. Sidd. Co closed lower, after it lost 27 paisa, its price stood at Rs 11.59 on 6.900 million shares. DGK Cement also closed on the same note, its price fell by 48 paisa, settling at Rs 83.28 with a volume of 6.243 million shares.
The share price of TRG Pakistan increased by 19 paisa, closing at Rs 9.66 and a turnover of 5.810 million while Engro Corporation lost as much as Rs 4.53 to close at Rs 121.57 with a turnover of 5.544 million shares. PSO witnessed a rise of Rs 13.14, and it closed at Rs 319.01 on 5.483 million shares. The last one among top ten companies was Bank Al-Falah, which also witnessed a similar trend, and its price shot up by 92 paisa, closing at Rs 18.56 with a turnover of 5.261 million shares.