The KSE-100 Index decreased by 65.20 points or 0.15 percent to close at 42,561.27 points. Daily trading volumes on the ready counter stood at 177.984 million shares as compared to 177.567 million shares traded Tuesday.
The market capitalization declined by Rs 46 billion to Rs 7.968 trillion. Out of total 352 active scrips, 189 closed in negative, 139 in positive while the value of 24 stocks remained unchanged.
OGDC was the volume leader with 19.238 million shares. However, it declined by Rs 5.02 to close at Rs 143.89 followed by Maple Leaf that gained Re 0.44 to close at Rs 22.25 with 9.012 million shares. Gatron Ind and Mari Petroleum were the top gainers with Rs 22.93 and Rs 15.84, respectively to close at Rs 499.00 and Rs 1,454.50.
Pak Tobacco and Mehmood Textile were the top losers with Rs 79.00 and Rs 24.00, respectively to close at Rs 2,150.00 and Rs 417.00.
BR Automobile Assembler Index gained 12.95 points or 0.21 percent to close at 6,155.59 points with total turnover of 1.806 million shares.
BR Cement Index increased by 77.79 points or 2.03 percent to close at 3,913.93 points with 19.166 million shares.
BR Commercial Banks Index inched up by 3.82 points or 0.04 percent to close at 10,163.42 points with 16.759 million shares.
BR Power Generation and Distribution Index decreased by 23.81 points or 0.41 percent to close at 5,826.87 points with 6.719 million shares.
BR Oil and Gas Index declined by 62.79 points or 1.25 percent to close at 4,966.02 points with 32.386 million shares.
BR Tech. & Comm. Index closed at 1,030.43 points, down 14.34 points or 1.37 percent with 19.554 million shares.
An analyst at Arif Habib Limited said that the market had an interesting session, which saw OGDC going lower circuit and then bouncing back strongly to close at day's rate and above market average. Similar activity was observed in PPL, which although didn't touch lower circuit, but faced likewise selling pressure. The news that concerned investors was likely selection of Financial Advisors for divestment of OGDC's shares amidst expectation that shares will be offered at a discount to market price. By the end of session, Secretary
Privatization Commission, Rizwan Malik clarified that the government intends to divest shares at premium that caused stock price to go up further in MoC.
Capital from selling of E&P stocks apparently moved to Cement Sector that also caused a spike in Cement Sector stocks, especially LUCK that went close to upper circuit. E&P sector led the volumes with 23.6 million shares, followed by Technology (19.5 million shares) and Cement (19.2 million shares).
Sectors contributing to the performance include Cement (up 58 points), Fertilizer (up 33 points), Banks (up 11 points), E&P (down 71 points), O&GMCs (down 36 points), Tobacco (down 22 points), Inv Banks (down 18 points).
Stocks that contributed positively include LUCK (up 42 points), FFC (up 20 points), ENGRO (up 18 points), MCB (up 17 points) and UBL (up 10 points). Stocks that contributed negatively include OGDC (down 71 points), PAKT (down 22 points), DAWH (down 17 points), PSO (down 12 points) and POL (down 12 points).