Trading range-bound on KSE

16 Apr, 2009

The Karachi share market saw a volatile session on Wednesday as KSE-100 index oscillated between 7,885.67 points intra-day high and 7,607.07 points low before settling at 7,807.08 points with a net loss of 25.77 points. Trading was range-bound and the volume at ready counter declined to 282.605 million shares as compared to 404.119 million shares of Tuesday.
Market capitalisation declined by Rs 10 billion to Rs 2.334 trillion. Of 342 active scrips traded, 221 closed in negative and 107 in positive, while the value of 14 stocks remained unchanged. Jahangir Siddiqui & Co was the volume leader with 25.497 million shares and gained Rs 1.55 to close at Rs 43.24. Fauji Fertiliser Bin Qasim increased by Re. 1.00 to close at Rs 18.21 with 19.257 million shares. DG Khan Cement surged by Rs 1.40 to close at Rs 29.87 with 18.003 million shares.
OGDC lost Re. 0.83 to close at Rs 80.26 with 14.884 million shares. Bank Al Falah declined by Re. 0.80 to close at Rs 13.11 with 14.828 million shares. Arif Habib Sec decreased by Re. 0.57 to close at Rs 34.64 with 10.929 million shares. NBP closed at Rs 106.99, down by Re. 0.83 with 10.100 million shares.
Nishat Mills gained Re. 0.39 to close at Rs 39.86 with 10.062 million shares. PTCL lost Re. 0.73 to close at Rs 19.76 with 10.036 million shares. Lucky Cement declined by Re. 0.71 to close at Rs 58.17 with 9.797 million shares. Wyeth Pak and Attock Petroleum were the highest gainers and gained Rs 32.00 and Rs 10.31 to close at Rs 1449.50 and Rs 317.59 respectively while Colgate Palmolive and POL were the worst losers and lost Rs 15.00 and Rs 8.61 to close at Rs 292.00 and Rs 169.11 respectively.
Muhammad Imran, Head of Research at Arif Habib, said that range bound activity was witnessed at the share market. Although the index declined by 225 points during intra-day trading, late buying in some select stocks, mainly in oil sector, supported the index to recover 200 points from its intra-day low level.
He said that market participants booked profits on available margins. However, investors also took fresh positions in some select stocks. Although the trading volume declined as compared with previous session, it remained at higher side at over 282 million shares, which showed investors continuing interest at the share market, he added. He said that market participant were expecting that the central bank would ease the monetary policy and fresh PIB auction also indicate a cut in the interest rates.

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