KARACHI - Stock market remained volatile on Wednesday as well, where it made an intra-day high of 204 points and an intra-day low of 176 points and finally close up 18 points at 50,163 points.
Major contribution to the index came from OGDC (up 1.40%), UBL (0.81%) and ISL (4.0%) as they cumulatively contributed 69 points to the index.
On the flipside, major laggards were HUBC (down 1.62%), ENGRO (1.08%) and NBP (2.16%) as they cumulatively eroded 49 points from the index.
Stocks in the power generation sector lost value as conflicts between the IPPs and government caught investors’ attention. HUBC (down 1.62%), KAPCO (0.93%), LPL (0.97%) and NPL (0.11%) from the aforementioned sector saw a value decline. Delay in new car manufacturing plants of a new player gave a slight boost to auto sector, where HCAR (up 0.31%) and PSMC (0.26%) made a positive contribution. Engro Polymer (EPCL) hit its upper circuit for a third consecutive session, while ISL (up 4%) & PAEL (2.6%) saw renewed interest, stated analyst Arhum Ghous.
Auto, steel and cement stocks outperformed on likely impact of Orange Cab Scheme in the Punjab budget and development commitments in provincial budgets. Concerns for foreign outflows invited intra day pressure.
Moody report on credit positive B3 stable reassertion fiscal deficit commitments by govt in the federal budget played a catalyst role in positive close, market participants said.
Market participation thinned while volumes were flat compared to the previous day. Traded value dipped 16% to Rs11.3b/$108m.
DFSM was the volume leader for the day as 23 million shares were traded throughout the day. Scrips of 369 active companies traded in the session of which 186 culminated in positive, 167 in negative while 16 remained unchanged.
