Trade volume retreated to 24.065 million shares from past session's 26.236 million, depicting slight decrease of 2.170 million shares. The market moved in a zigzag way with lack of support from potential investors. However, analysts said the market took a little breather after past week's widespread gains and might show bullish signs again tomorrow or the day after.
Brokers said local investors were still reluctant to go for fresh entries because of a likely change in the political scenario after Sharifs return. They are also awaiting the expiry of an ultimatum given by the APDM to President Pervez Musharraf. The APDM has conditioned their participation in the general election with lifting of emergency and restoration of judges. Today, HBL led the proceedings while JOVC emerged major loser.
Today, the market underwent wide-ranging fluctuations which disturbed the market people, Capital Vision Securities equity research head Mirza Muhammad Irfan said. The market moved in a band of 125 points, but finally ended with a nominal decline, he added.
Despite high volatility, HBL performed extremely well on a positive report released by an international fund manager, recommending buying in the bank's scrip, he said. The news of increasing SCRA kept the downside movement limited. PTCL, which was oversold also fared well while Adamjee Insurance showed an abnormal either side fluctuation.
The oil sector failed to make any heady way and more or less all key oil sector shares stayed depressed. Overall 112 scrips changed hands, of which, 25 moved forward, 43 retreated while 44 maintained their previous positions. Top gainers of the day included HBL which moved up by Rs 12.50, Sui Northern Rs 2.70, National Bank Rs 2.40, PICIC Rs 1.40 and Nishat Mills Rs 1.20.
In negative column, JOVC lost Rs 7.10, ICI Pakistan Rs 5.50, Engro Chemical Rs 4.80, Attock Refinery Rs 4.70 and Arif Habib Securities Rs 4.45. Arif Habib Securities topped volume leaders' list with 4.45 million followed by Bank Alfalah with 2.035 million shares.