The benchmark KSE-100 index Wednesday recovered 111.80 points and closed at 42,404.47 on the back of fresh buying in select scrips at the fag end. Pakistan Stock Exchange (PSX) witnessed a mixed trend as the index traded between intra-day high of 42,479.59, up 188 points and intra-day low of 42,212.42, down 79 points.
Trading activity improved as the daily trading volume rose to 385.701 million shares as compared to 365.812 million shares traded Tuesday. The market capitalization increased by Rs 14 billion to Rs 8.580 trillion. Out of total 424 active scrips, 209 closed in negative, 184 in positive while the value of 31 stocks remained unchanged.
WorldCall Telecom was the volume leader with 37.170 million shares. It gained Rs 0.18 to close at Rs 2.96 followed by Japan Power that lost Rs 0.17 to close at Rs 6.52 with 29.378 million shares. Bank of Punjab declined by Rs 0.14 to close at Rs 19.72 with 22.881 million shares.
Wyeth Pak and Exide Pak were the top gainers with Rs 64.27 and Rs 47.36, respectively to close at Rs 3,730.05 and Rs 994.61. Philip Morris Pak and Island Textile were the top losers with Rs 96.68 and Rs 60.99, respectively to close at Rs 1,837.06 and Rs 1,200.00.
Nabeel Haroon at JS Global Capital said volatility prevailed in the market. Hascol in the OMC sector gained to close on its upper circuit on the back of material information disseminated in the market that they have been notified by Vitol Dubai Limited regarding acquisition of additional 10 percent shares of Hascol Petroleum Limited by exercising their call option taking their total shareholding to 25 percent. POL, OGDC and PPL in the E&P sector gained to close in the green zone on the back of news that Opec members are in vigorous consultation with each other over production cut ahead of their official meeting on November 30. MEBL in the banking sector gained on the back of the news that the SBP has announced a reduction in Statutory Liquidity Requirement for Islamic banks by 5 percent to fix it at 14 percent.
An analyst at Global Securities said that the local bourse registered a volatile session as sentiments remained mixed throughout the day. Hascol closed at the upper circuit following the company's notice of Vital Dubai Limited exercising its call option to increase its shareholding in the company from 15 percent to 25 percent. Additionally, SNGP grabbed investors' attention as news of decrease in company UFG losses surfaced the market. In the automobile sector, GHNL, GHNI and AGTL showed phenomenal growth as euphoria of exceptional sales numbers continued in the market.