RECORDER REPORT
KARACHI: The Karachi share market gained another 53.5 points Thursday to close at 35,730.01 compared to the previous 35,676.50.
The benchmark KSE-100 index showed what equity analysts said severe volatility by hitting the intraday high and low of 35,997.05 and 35,508.77 points, respectively.
Trading turnover surged from Wednesday’s 353 million shares to 428 million worth Rs 14.46 billion compared to Rs 13.92 billion of last trading session. Despite the benchmark index settled in the green, most of the traded scrips lost their worth.
The week’s second last session saw total 373 issues changing hands of which only 129 moved up, 230 declined while 14 stayed unchanged. The market capitalisation and foreign portfolio investment were the two positive heads that accumulated, respectively, to Rs 7.696 trillion and net $ 644,438.
Silk Bank led the day’s volume with 40 million turnover. The banking stock opened the day from 33 paisa and ended up lower at 26 paisa.
Other well-performing stocks were K-Electric 25 million, Byco Petroleum 21.5 million, Quice Food 16 million, TRG Pakistan 15.8 million, PTCL 15.5 million, Pace Pakistan 15 million, Telecard Limited 12.6 million, Dewan Motors 12 million and SSGC 11.5 million shares.
Futures trade closed northward at 61.3 million contracts compared to 55 million of the previous day.
“Stocks closed higher led by oil scrips after recovery in WTI crude prices near to $49 per barrel and expectations for release of next IMF tranche following (the) ongoing 8th review under Extended Fund Facility,” Ahsan Mehanti of Arif Habib Corp.
Late session profit-taking amid below expectation announcement by Fauji Fertilizers and pending non-filer bank depositors’ withholding tax issue impacted the sentiment during the bullish rally, the analyst added.
“A mixed activity was seen on the local bourse,” Mohammad Rizwan of Topline Securities said, adding that the OGDC discovery in Chak Naurang South-1, Chakwal Block, attracted investors who built their positions in the index heavyweight stocks like OGDC and PPL.
The two scrips rose by 2.2 and 3.5 percent, respectively.
Renewed interest was seen in the banking and gas distribution companies with HBL, UBL, SSGC and SNGP upping by 2.2, 0.92, 3.1 and 3.4 percent.
The FFC, the analyst said, announced its below-market consensus 1H2015 results that resulted in some profit-taking in FFC which shed 4.1 percent value and closed to its lower limit.
JS analyst Saeed Ahmed Khan observed “severe volatility” in the day’s session as, he said, the market fluctuated between -167 points and +320 points.
“Selling pressure started in the second half, dragging the index in red,” he said expecting that liquidity would remain low on the market moving forward. “It would be the last day of rollover week,” said Khan.
