Index sheds 16.63 points

RECORDER REPORT

KARACHI: The Karachi share market on Wednesday witnessed mixed trend with the KSE-100 index oscillating between 11,814.97 points intra-day high and 11,634.78 points intra-day low.

The index closed at 11,746.09 points, down 16.63 points.

Trading remained low and the volume at ready counter declined to 63.860 million shares as compared to 84.404 million shares traded on Tuesday.

Market capitalisation declined by Rs 4 billion to Rs 3.068 trillion.

Of 307 active scrips, 115 closed in negative and 105 in positive, while the values of 87 stocks remained unchanged.

Fatima Fertilizer Co was the volume leader with 8.591 million shares, losing Re 0.28 to close at Rs 25.01. In the other fertilizer sector stocks, Engro Corp, Fauji Fertilizer Bin Qasim and Fauji Fertilizer Co declined by Re 0.15, Re 0.53 and Rs 8.33 to close at Rs 123.99, Rs 59.96 and Rs 180.92 with 4.751 million shares, 4.639 million shares and 3.830 million shares respectively.

Wateen Telecom inched up by Re 0.12 to close at Rs 2.08 with 8.132 million shares. DG Khan Cement gained Re 0.10 to close at Rs 20.98 with 2.900 million shares.

Pace (Pak) gained Re 0.08 to close at Rs 1.81 with 2.810 million shares. WorldCall Telecom inched up by Re 0.07 to close at Rs 1.21 with 2.235 million shares. Nishat Mills lost Re 0.10 to close at Rs 44.76 with 1.986 million shares. Telecard gained Re 0.15 to close at Rs 1.08 with 1.801 million shares.

Attock Petroleum and Service Industries were highest gainers by Rs 7.63 and Rs 4.89 to close at Rs 422.58 and Rs 204.99 respectively, while Siemens Pak and Wyeth Pak were worst losers by Rs 34.82 and Rs 27.65 to close at Rs 900.00 and Rs 672.34 respectively.

Hasnain Asghar Ali at Aziz Fidahusein Co said that triple-digit decline during early trade, following regional and international trend, was well countered singly through low volume strength in OGDC, allowing the index to re-enter positive zone from deep red. However, accumulation in various frontline stocks on dips along with high volumes in penny stocks and group-specific mid-tier stocks made substantial contribution to the turnover. Extended holding period for MTS borrowers due to Eid holidays along with volatile and uncertain political and economic environment did restrict even the resident participants from making fresh bets, mainly on strength, thus leading to prolonged stagnation after initial trading hours. Approval by the cabinet of declaring of MFN to India did invite vibrations in the beneficiaries, mainly the cement stocks, despite the fact that approval from the parliament might be a tough task. The snap rally did offer short-term trading opportunities to the market men, he said.