The Karachi share market showed recovery Wednesday gaining 154 points on the back of rebounding regional markets, analysts said. The benchmark KSE-100 index rose to 33,345.56 from Tuesday's 33,191.46 points, the intraday low. "Asian markets rebounded ahead of Fed policy meeting. As a result, China's Shanghai Composite Index also ended 4.9 percent higher," viewed analysts at Topline Research.
The KSE-100 index, they said, ended on a positive note after four trading sessions. "The market showed strength on the back of no particular news," Ahmed Saeed khan of JS Global said. The trading turnover declined to a 16-week low of 104 million shares, down 21.3 percent from Tuesday. The traded value stood at Rs 4.9 billion, down 24.4 percent compared to Rs 6.53 billion of last session.
Of the 358 scrips traded, 220 posted gains, 113 losses while 25 stayed unchanged. The market capitalisation accumulated to Rs 7.18 trillion. Foreign investors sold out portfolios worth $2.86 million, on net basis. Whereas the foreigners and banks were net sellers of $2.9 and $0.3 million, mutual funds and companies bought shares worth $1.4 and $0.3 million, respectively. Byco Petroleum appeared as a volume leader with 11.6 million trading turnover. The energy company saw its shares price increasing to Rs 25.09 at the day's closing.
Other best performers were Pace Pakistan 5 million, Dewan Cement 4.3 million, K-Electric 3 and TRG Pakistan 3.8 million, SSGC and TPL Trakker 3.6, Jahangir Siddiqui Company 3.5 million, Maple Leaf Company 3.3 million and Pak Elektron 2.5 million shares. Cement and fertiliser sectors rallied on the back of what analysts said reduced banking interest rate set last Saturday by the central bank at six percent. The leveraged scripts gained the most with MLCF, DGKC, ENGRO and FFBL gaining 1.77, 1.54, 1.60 and 1.49 percent. Uptick in crude oil (WTI) led recovery in oil stocks as OGDC, PPL and POL inched up by 0.2-1.5 percent. Moving forward, the market is expected to remain volatile for its failure to set a distinctive tone.