The Karachi share market on Wednesday witnessed highly volatile session with KSE-100 index oscillating between 12,348.72 points intra-day high and 12,230.00 points low levels. However, it closed at 12,281.24 points with a modest gain of 14.03 points on the back of late buying in some select stocks.
Trading also improved and the volume at ready counter increased to 143.155 million shares as compared to 120.003 million shares traded on Tuesday. Market capitalisation increased by Rs 3 billion to Rs 3.324 trillion. Of 419 active scrips, 197 closed in negative and 194 in positive, while the values of 28 stocks remained unchanged.
DG Khan Cement was the volume leader with 16.549 million shares and gained Re 0.41 to close at Rs 30.33. Fauji Fertiliser Bin Qasim increased by Re 0.77 to close at Rs 39.19 with 15.481 million shares. Lotte Pakistan PTA inched up by Re 0.02 to close at Rs 14.54 with 13.554 million shares. Engro Corporation declined by Rs 3.01 to close at Rs 205.25 with 4.998 million shares.
MCB and NBP surged by Rs 10.10 and Re 0.61 to close at Rs 238.68 and Rs 77.96 with 4.938 million shares and 4.857 million shares respectively, while BoP lost Re 0.21 to close at Rs 9.21 with 4.007 million shares. Attock Refinery increased by Rs 3.10 to close at Rs 138.87 with 4.802 million shares. Arif Habib Corp inched up by Re 0.10 to close at Rs 26.50 with 4.574 million shares. Fatima Fertiliser Co lost Re 0.01 to close at Rs 11.66 with 3.614 million shares.
Unilever Pak and Rafhan Maize were the highest gainers increasing by Rs 155.92 and Rs 27.96 to close at Rs 4416.17 and Rs 2078.98 respectively, while Nestle Pakistan and Indus Dyeing were the worst losers declining by Rs 13.90 and Rs 11.98 to close at Rs 2455.10 and Rs 227.70 respectively.
Ahsan Mehanti at Arif Habib Investment said that after witnessing positive trend in early hours on the back of foreign investors'' support, the index dropped into negative zone due to selling by local investors. However, late buying in some select stocks supported the index to close in positive with modest gains. He said that foreign investors'' interest continued in oil and gas and banking sector scrips despite institutional profit taking and concerns for rising CPI inflation and fiscal deficits.