The Karachi Stock Exchange (KSE) regained momentum on Wednesday after a day of profit-taking, but overall market participation remained on the lower side as local individual investors stayed cautious amid uncertainty over the market’s direction.
The benchmark KSE 100-Index gained 0.21 percent, or 63.34 points, to close at 30,465.43 points, the highest closing level in its history, as compare with Tuesday’s close of 30,402.09 points.
The KSE All Share Index inched up by 0.15 percent or 33.76 points to 22,315.57 points, the KSE 30-Index moved up by 0.09 percent or 19.07 points to 21,200.33 points, whereas the KMI 30- Index increased by 0.08 percent or 40.72 points to 49,560.6 points.
During Wednesday’s trading session, the key index touched an intraday high of 30,616.53 points and an intraday low of 30,402.09 points.
Among heavyweights, Engro Corporation, Honda Atlas Cars, Cherat Cement, Pakistan Petroleum Limited, Pakistan State Oil, Engro Foods Limited and Askari Bank all closed in green zone after last few days of selling.
However, the cement sector largely remained under pressure as Fauji Cement, Maple Leaf Cement, Lafarge Pakistan and Dera Ghazi Khan Cement fell into the bearish lap.
Trading volume declined further by 17 million shares to 131.08 million shares on Wednesday, as against 148.09 million shares on Tuesday, turnover swelled by 373.49 million rupees (3.73 million U. S. dollars) to 7.45 billion rupees (74.51 million U.S. dollars), whilst market capitalization rose by 15.73 billion rupees (157.33 million U.S. dollars) to 7.14 trillion rupees (71.37 billion U.S. dollars).
Among 326 active scrips Wednesday, prices of 169 issues fell, 139 advanced, whereas values of 18 companies stayed unchanged.
Fauji Cement, Lafarge Pakistan Limited, and Maple Leaf Cement were most heavily traded, with turnover at 10.38 million shares, 8. 06 million shares and 7.06 million shares, respectively.
Bata Pakistan led advancers by rising 167.40 rupees (1.67 U.S. dollars) to 3,515.40 rupees (35.15 U.S. dollars), whereas Wyeth Pakistan Limited fell the sharpest, falling 167.61 rupees (1.68 U. S. dollars) to 3,765.85 rupees (37.66 U.S. dollars).