Follo-wing two bear-run sessions, recovery was seen at the floor of KSE on Wednesday due to institutional buying. The KSE-100 Index gained 27.97 points to close at 23,312.78 from 23,284.81 level Tuesday. The local bourse opened in green zone and slipped into negative territory due to selling pressure in certain scrips. Later, institutional buying came in big scrips and the index managed to close on positive note.
The index touched 23,399 highest and 23,210 lowest level during the intra-day trading. Market capitalisation followed suit and stood at Rs 5.711 trillion against Rs 5.691 trillion. The trading side could not maintain higher trend and faced decline. The volume at ready counter closed at 141.252 million shares from 202.237 million shares.
Commenting on the market performance, analysts at JS Global commented that after correcting 2.1 percent from the high of 23,776 points consolidation was seen in the market on third day of week. Volumes remained thin where institutional and individual interests drove scrips such as PTC, SSGC and NETSOL all closing above 4 percent for the day.
They said fertiliser sector witnessed pressure as price of fertiliser plunged by 25 percent in past couple of weeks. Activity in the banking sector was lackluster where UBL, MCB and BAFL failed to reach 1 million volume mark. However, NBP was an exception in the sector generating a total volume of 13.9mn shares and closing up by 0.6 percent. Cement sector also failed to perform with the market as investor expectation of low dispatches dampened the sentiment, they added.
Some 160 scrips witnessed positive trend and a big number of 172 lost their prices out of total 354 active stocks. The prices of 22 shares remained unchanged. Two top gainers for the day were Wyeth Pak, which went up by Rs 80 to Rs 1830 and Siemens Pakistan, which shot up by Rs 45.30 to Rs 951.43. The top losers were Rafhan Maize, which lost Rs 45 to Rs 5125 and Exide Pak XDXB, which shed Rs 19.35 to Rs 367.79.
On the Top 10 volume leaders, PTCLA led the tally with 15m shares and gained Rs 1.11 to Rs 28.11. National Bank climbed by 33 paisa to Rs 58.30 on 13m shares while Fauji Cement fell by 23 paisa to close at Rs 15.94 on 9m shares. Sui South Gas bagged Rs 1.19 to close at Rs 25.11 on 8m shares while Maple Leaf Cement shed 21 paisa to Rs 30.41 on 6m shares. TRG Pakistan gained 33 paisa to Rs 9.78 on 5m shares.
B.O. Punjab remained lost two paisa to close at Rs 13.61 on 5m shares; Engro Corporation shed Rs 2.7 to close at Rs 161.66 on 3m shares; Lafarge Pak also lost 20 paisa to close at Rs 10.12 with 3m shares; and Sui North Gas gained 51 paisa to close at Rs 25.49 on 3m shares.
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