KARACHI: The stock market saw intense volatility on Thursday, though the KSE-100 index managed to close the session with minor upside of 80.61 points (0.16 per cent) at 49,062 points.

As the market opened investors were at high pitch of anxiety over the uncertainty of the outcome of Panama Papers case. A bomb blast in Lahore further aggravated sentiments. Most investors decided to sell first and think later, which sent KSE-100 index spiralling downwards by 503 points. But the stocks reversed their trajectory after the Supreme Court reserved its verdict announcing that it would issue a detailed judgment at a later date.

The overall volume fell by 30pc to 266 million shares from 380m shares and the trading value by 21.2pc from Rs16.5 billion to Rs13.0bn the previous day.

In the banking sector Habib Metropolitan Bank (HMB) gained to close on its upper circuit as the bank declared its result for 2016, posting earnings per share at Rs5.85 along with a year-end dividend of Rs3 per share.

Analysts at JS Global stated that the Oil and Gas Development Company gained 0.34pc, Pakistan Oilfields 1.64pc and Pakistan Petroleum 0.03pc in the exploration and production sector to close in the green zone as crude oil prices rebounded to trade above $54 per barrel.

Major gainers were Engro 2.32pc, Sui Northern Gas Pipelines 4.99pc, MCB Bank 0.94pc, HMB 4.98pc, which together added 117 points to the index.

On the downside Habib Bank lost 0.75pc, HUBC 1.15pc and Bank Alfalah Ltd 2.98pc, taking away 66 points from the index.

Published in Dawn, February 24th, 2017