Pakistan Stock Exchange’s benchmark KSE 100-share index reached an all-time intraday high of 39,291.65 and closing high of 39,049.46 after gaining 17.84 points or 0.05 per cent during intraday trade on Wednesday.
The market remained volatile throughout the day with notable upward movement in the early few hours. However, the momentum failed to sustain as market participation stalled by midday. The index retreated from its intraday high and became negative for a brief period. Towards, the end, the KSE-100 Index eked out marginal gains and closed up 17.84 points from the previous day.
“Despite today’s fresh all-time intraday high, the benchmark KSE-100 Index is struggling to hold above 39,000,” said Intermarket Securities. “With the trend line resistance to hang between 39,400 and 39,600, a pull-back cannot be ruled out.”
The volume leader during the day was again K-Electric Limited with 16.3 million shares changing hands. KEL closed at a per share price of Rs 8.28, down 0.01 per cent from the previous day’s closing price of Rs 8.29.
It was followed by Pak Elektron Limited with 13.8 million shares traded during the day, up 0.95 per cent from the previous day with a closing price of Rs 66.93. Pakistan Tobacco Company was the third highest volume leader with 11.7 million shares traded during the day, up 0.41 per cent to close at Rs 16.25.
Other volume leaders were Engro Fertilizers (9.6 million shares), Sui Northern Gas Pipelines Limited (9 million shares) and Dewan Cement Limited (8.3 million shares).
Autos remained in the limelight due to further depreciation in Yen with Ghandara Nissan Limited and Ghandara Industries Limited closing on their respective upper circuits. Pharmaceuticals also staged a comeback after a brief phase of profit taking in the previous session with GlaxoSmithKline & Abbott Laboratories Limited closing on their upper circuits.
Considering yesterday’s rally in international crude oil prices, the oil exploration and production sector managed to close in the green whereas refineries witnessed profit taking. Meanwhile, the oil marketing sector showed mixed performance.
By the end of Wednesday, a total of 137 million stocks worth Rs 13.1 billion had been traded. The share price of 147 stocks went up, that of 188 was depreciated while 18 stocks’ prices remained unchanged.