On Wednesday the trading session of KSE 100-share index was similar to Tuesday. This means that Wednesday was another dull day for KSE 100 stock market. The index again fluctuated between red and green zones and the day ended with slight change to previous day’s statistics.
By the end of Wednesday KSE 100 gained 18.18 p0ints which amounts to 0.04% at 50,162.81 as the bench mark index displayed.
As per Elixir Securities Pakistan equities went through another unstable session that ended in little change on the index. Thus another dull session was reported.
Fewer than 60 million shares changed hands. The only improvement was that retail participation improved to a certain extent, as majority of volumes went through customer and industrial play, as per the analyst Ali Raza.
Distinguished names in cement, finance and fertilizer sector mostly were in red zone by end of the day while oil stocks ended on green zone mainly due to expensive crude prices worldwide.
Raza also said that this trading, fluctuating between red and green zones is expected to continue due to shortage of positive triggers with domestic institutions.
The market persists to be volatile on Wednesday, as intra-day high was recorded as +204 points while intra-day low was recorded as -176 points. So Wednesday closed at 18-point up at 50,163 according to JS Global analyst Arhum Ghous.
The high points were mainly contributed by Oil and Gas Development Company, United Bank Limited and International Steels as +1.40%, +0.81% and +4% respectively. Overall they contributed +69 points to the index.
On the downside the intra-day low was contributed by Hub Power Company, Engro and National Bank of Pakistan as -1.62%, -1.08% and -2.16%respectively. Their overall negative index contributed -49 points to the index.
Due to conflicts between private power makers and government, stocks in power generation went down. So Hubco, Kot Addu Power Company, Lalpir Power and Nishat Power saw a decline of -0.93%, -0.97% and -0.11% respectively.
Honda Atlas Cars and Pak-Suzuki Motor Company saw a slight boost of +0.31% and +0.26% as new players were delayed in establishing car manufacturing plants
In comparison to Tuesday’s 231 million, volumes rose to 232 million shares on Wednesday.
369 companies traded, out of which 186 stocks closed positive while 167 closed low, and 16 remained same. So Rs11.3 billion is the value of shares traded.