KSE witnesses highly volatile session

KARACHI (January 21 2009): The Karachi share market witnessed a highly volatile session on Tuesday with the KSE-100 index oscillating between 5,393.47 points high and 5,172.37 points low due to the investors' cautious stance amid the prevailing uncertainty at the market. However, the index closed at 5,258.28 points level, down by 22.47 points.

Volumes at the ready market increased significantly to 142.906 million shares as compared to 75.985 million shares traded a day earlier. Market capitalisation declined by Rs 149 million to Rs 1,677.325 billion. Trading took place in 256 scrips, out of which 130 closed in positive and 114 in negative, while the value of 12 scrips remained unchanged. OGDC was volume leader with 15.787 million shares, losing 47 paisa to close at Rs 46.46.

Hub Power gained Re. 0.19 to close at Rs 15.18 with 11.362 million shares. PTCL increased by Re. 0.53 to close at Rs 13.54 with 10.889 million shares. WorldCall Telecom closed at Rs 3.51 without any change with 10.186 million shares.

Fauji Fertiliser surged by Re. 0.47 to close at Rs 74.54 with 8.069 million shares. NIB Bank gained Re. 0.35 to close at Rs 4.76 with 7.393 million shares. NBP lost Rs 2.87 to close at Rs 54.67 with 4.992 million shares. PIA declined by Re. 0.53 to close at Rs 2.40 with 4.452 million shares.

Mybank gained Re. 0.67 to close at Rs 4.09 with 4.283 million shares. DG Khan Cement increased by Re. 0.34 to close at Rs 15.99 with 3.071 million shares. Attock Petroleum and Millat Tractors were highest gainers and gained Rs 8.42 and Rs 7.44 to close at Rs 176.82 and Rs 156.39 respectively. Wyeth Pak and Rafhan Maize were the worst losers and lost Rs 123.50 and Rs 92.13 to close at Rs 2346.50 and Rs 1750.59 respectively.

Hasnain Asghar Ali at Aziz Fidahusein and Co said that the values buying by the state fund and other private sector institutions triggered technical recovery after initial setback of 110 points, thereby allowing the green numbers to re-emerge. The recovery got support of market whisper that the board of directors of KSE had met the high-ups of SBP, and the authorities had intervened to reduce the fierce selling by banks, selling holdings of their defaulting clients. Although the index failed to sustain in green numbers after initial recovery, unprecedented foreign downpour continued.