KARACHI, May 8: The Karachi Stock Exchange (KSE) 100-share index on Thursday again turned lower by about 67 points as investors played on both sides of the fence, selling at the rise and buying at the dips in a highly volatile trading.

But on the other hand, the broader market performed well under the lead of some leading shares, notably Shell Pakistan, JS & Co, Engro Chemicals, Attock Refinery and PTCL amid active two-way activity.

The market, however, failed to sustain the early buying euphoria generated by the visit of some foreigners to the KSE as bears again dominated the trading after mid-session.

An idea of early run-up may well be had from the fact that the KSE 100-share index jumped up by well over 200 points to hit the session’s peak of 14,679.44 and indications were that it may close around 14,700 points at the end of the session. But the mid-session witnessed the return of the bears and pushed it as lower as 14,329.95, but late covering purchases on selected counters again pushed it close at 14,388.52, off 66.77 points.

The 30-share free float index fell sharply lower by 196.41 points at 17,052.09.

Analyst Ahsan Mehanti said fresh heavy unloading in the leading shares of Mansha group, notably MCB Bank, which holds a largest weightage of 11 per cent in the KSE 100-share index followed by Nishat Mills and D G Khan Cement seems to be the chief factor behind the market’s current stance.

He said below market fixation of GDR of the Lucky Cement around Rs120 as against the market expectations of Rs155 also worked against the overall market owing to lower lock in its share value.

MCB Bank, which shed another Rs20, the total being well over Rs70 after it sold 15 per cent (later five per cent more) shares to the Malaysian Maybank for no apparent bearish reasons appears to be the chief factor behind the market’s current volatile trend, they added.

The terribly alarming volatility of the index did not allow investors to follow a set course as no one is sure how would it behave by the very next moment as was reflected by a modest turnover figure, another analyst Hasnain Asghar Ali said.

“Worries about the economy and rumours of heavy taxation in the new budget are also there but the immediate concern of the market appears to be the absence of leading punters,” he added.

However, all was not bad with the broader market as plus signs dominated the list under the lead of Fazal Textiles and Azgard Nine (non-voting lot), a combination of textile and fertiliser producer, which rose by Rs31.68 and 40 respectively.

They were followed by Central Insurance, Atlas Battery, Shell Pakistan, EFU Life, and JS & Co, which posted gains, ranging from Rs7.49 to 27.76.

EFU General and Colgate Pakistan, off by Rs28 and 28.90, followed by Pakistan ReInsurance Co, Sapphire Textiles, Atlas Honda, Attock Petroleum, National Foods, Shezan International, Packages, AKD Capital, Adamjee Insurance and MCB Bank, which suffered fall, ranging from Rs7 to 19.25.

Trading volume posted a modest rise at 199m shares from the previous 185m shares as gainers held a comfortable lead over the losers at 159 to 140, with 26 shares holding on to the last levels.

The most active list was topped by PTCL steady by five paisa at Rs45.50 on 20m shares, followed by Nishat Mills, sharply lower by Rs5.77 at Rs109.73 on 12m shares, Engro Chemical, up 60 paisa at Rs330.60 on 8m shares, MCB Bank, sharply lower by Rs19.25 at Rs365.85 also on 8m shares, Arif Habib Securities, lower by Rs1.02 at Rs179.13 on 7m shares, D G Khan Cement, off Rs4.50 at Rs94 also on 7m shares, OGDC, easy by 35 paisa at Rs132.60 on 7m shares and Attock Refinery, higher by Rs5.30 at Rs292.05 on 6m shares.

Other actives were led by JS Bank, steady by nine paisa at Rs19.79 on 6m shares, followed by Bank of Punjab, up Rs1.44 at Rs55.92 on 5m shares.

FORWARD COUNTER: MCB Bank came in for fresh strong selling and fell by Rs19.45 at Rs369.55 on 7m shares, Nishat Mills, off Rs5.85 at Rs111.15 also on 7m shares, and Engro Chemical, lower by Rs2.80 at Rs330.20 on 5m shares.