KARACHI – Positive momentum continued at stock market on Wednesday.Volatility prevailed in the market as the 100-share index gained 60.64 points to close at 40,355 points level, brokers said.
Investor interest was seen in automobile sector on the back of depreciating Yen. INDU and PSMC were major gainers of the aforementioned sector, as they gained to close on their respective upper circuits.
ICI gained to close on its cap for the second consecutive day on the back of material information disseminated in the market that it intends to establish manufacturing facility for local production of Morinaga infant formula products, dealers said.
OGDC (down 0.50%), PPL (0.81%) and POL (0.61%) in the E&P sector lost value to close in the red zone, as crude oil prices remained volatile.SEARL (down 0.07%) lost value to close in the red zone, as the pharmaceutical company declared its results for FY16.In its result, the company posted consolidated EPS of Rs16.60/share along with a final cash dividend and stock bonus of Rs5/share and a 14%, respectively.This payout was in addition to 10% interim stock bonus aleady issued by the company, said analyst Nabeel Haroon.
Volume decreased to 435m shares as compared to 573m shares of the previous day while traded also declined to Rs13.6b/$130m.BOP emerged as volume leader with traded 52m shares, followed by TRG Pak with 47m shares remained in spotlight in the market.Brokers expect volatility to persist in the market in the ongoing futures rollover week.