KARACHI: The stock market seemed to have met its resistance level as it did not fell further and registered a reasonable recovery on Wednesday.
The KSE-100 index opened negative, but resisted the decline below 41,000 points and shot up 500 points from its intra-day low to 41,558 points. The index continued to oscillate between the red and green zones, but finished the session positive.
At close, the benchmark KSE 100-share Index recorded an increase of 90.57 points or 0.22% at 41,323.65 points.
Elixir Securities, in its report, stated Pakistan equities closed slightly higher in range-bound and lacklustre trading with the benchmark index trading in a range of 500 points.
Habib Bank (HBL, -5%) continued to ruffle investors’ feathers by hitting the third consecutive lower limit and trading in off-market at a 14% discount to Wednesday’s closing price.
About 3.9 million shares were traded in off-market with most volumes going through at Rs155 per share.
Major sectors including cement along with select index names registered a modest bounce back during the day, albeit on lower volumes. However, most of them ended with trimmed gains on profit-taking.
DG Khan Cement (+5%) remained strong and closed near its upper price limit on reported institutional buying.
“We see the market holding ground near current levels and edging up on Thursday, however, turnover and interest are likely to improve only after long Eid holidays,” the report added.
Overall, trading volumes rose to 132 million shares compared with Tuesday’s tally of 130 million.
Shares of 358 companies were traded. At the end of the day, 203 stocks closed higher, 140 declined while 15 remained unchanged. The value of shares traded during the day was Rs7.1 billion.
TRG Pakistan was the volume leader with 20 million shares, losing Rs0.60 to close at Rs33.87. It was followed by Azgard Nine with 18.9 million shares, losing Rs0.55 to close at Rs13.34 and The Bank of Punjab with 8.6 million shares, gaining Rs0.46 to close at Rs9.60.
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