He said renewed foreign interest in select stocks in oil and fertiliser sector, record earning announcements in textile and cement stocks played a catalyst role in positive sentiments despite concerns for economic uncertainty and outcome of Pak-IMF discussions for release of next tranche. During the trading, KSE-100 index hit intraday high of 22,400.12 points and low of 22,272.46 points. Trading activity also improved and the volume at the ready counter surged to 91.6 million shares up from 80.1 million shares Tuesday.
Out of 327 active scrips, 108 went up, 190 went down and that of 29 remained unchanged. Market capitalisation posted an increase of Rs 5.1 billion to Rs 5.315 trillion. Among Top Ten scrips, price of seven shares closed negative and three positive. Bank of Punjab emerged volume leader with 8 million shares. It lost Re 0.05 to close at Rs 10.19 per share. P.T.C.L.A fell by Re 0.46 to close at Rs 26 on 6.5 million shares. Fauji Cement declined by Re0.51 to Rs 11.20 on 6.4 million shares. With 6.3 million turnover, Jah. Sidd. Co closed at Rs 7.57, declining by Re 0.62. Engro Corporation witnessed a decline of Rs 6.36 to close at Rs 122.72 on 4.7 million shares.
Similarly, some 3.8 million shares of Fauji Fertiliser were traded. It moved up by Rs 2.98 to close at Rs 107.66. D.G. Khan Cement closed at Rs 69.67, gaining Rs 1.38 on 3.4 million shares. Telecard Limited and Bank Al-Falah shed Re 0.38 and Re 0.04 to close at Rs 4.76 and Rs 22.36, respectively. National Bank gained Re 0.49 to Rs 48.22 on 2 million shares.
Abbott Lab and Mithchells Fruit were the top gainers with share prices increasing by Rs 15.86 and Rs 15.67 to close at Rs 439.00 and Rs 456.67, respectively. Wyeth Pak Ltd and Bata Pakistan were the worst losers declining by Rs 219.69 and Rs 54.67 to close at Rs 4,265.44 and Rs 1,725.33, respectively. Samar Iqbal AVP Equity Sales, Topline Securities said following the global equity markets, the local bourse also showed some recovery after a decline in last two days.
Although more stocks fell but the rally in index heavyweight OGDC and PPL helped it to close in positive, she added. Volumes, however, remained dull and activity remained confined towards mid cap stocks, Samar said and added that Engro Corp closed 5 percent down after unconfirmed news flow of interruption of gas supply to Engro Fertiliser while PPL witnessed renewed buying interest.