KARACHI: The stock market went on a roller-coaster ride on Wednesday but ended in the black, climbing up by another 61 points (0.15 per cent) to settle at 40,355.
The index hit an intra-day low of 87 points before touching a high of 173 points due to the ongoing futures rollover week. The market capitalisation-based KSE-30 index finished 7.58 points lower.
Among the local participants, individuals and banks resorted to profit-taking, which was offset by an equally intensive buying by companies.
Volumes on Wednesday fell by 24pc over the earlier day to 435m shares while trading value declined 5.5pc to Rs13.7bn. Investors’ focus barely shifted from the second- and third-tier stocks, with 27 scrips hitting their upper circuits during the session.
The automobile sector remained on top of big-ticket stocks on the back of a depreciating yen. Pak Suzuki Motors and Indus Motors were the major gainers; both closed at their upper limit of 5pc.
ICI Pakistan hit its upper circuit for the second consecutive day after an announcement that its intends to establish Morinaga infant formula manufacturing facility.
“Searle Company announced consolidated earnings per share of Rs16.6 along with a cash dividend of Rs5 per share and bonus of 14pc. Its share declined by 1.7pc on the announcement of lower-than-expected results,” dealers at Topline Securities said.
The decline in international crude oil prices affected the sentiments in energy sector where the Oil and Gas Development Company fell 0.47pc, Pakistan Oilfields 0.80pc, Pakistan Petroleum 0.93pc, Hascol Petroleum 1.73pc, Pakistan State Oil 0.23pc, Attock Refinery 0.32pc and National Refinery 0.79pc.
The textile sector saw mixed performance where Nishat Mills rose 0.83pc, Nishat Chunian 0.89pc and Gadoon Textile increased 5pc and were the major beneficiaries of an incentive package being offered to export-oriented industries, analysts at Intermarket Securities said.