ROUNDUP: KSE BUCKS THREE-DAY BULLISH RUN, SHEDS 29K-MARK

ROUNDUP: KSE BUCKS THREE-DAY BULLISH RUN, SHEDS 29K-MARK

ISLAMABAD, May 28, 2014 (Xinhua via COMTEX News Network) —

Pakistan’s Karachi Stock Exchange (KSE) pared the psychological 29,000-mark as a three-day bullish run finally came to an end Wednesday amid mixed trading activities but Karachi-Electric remained in the limelight.

The benchmark KSE 100-Index dipped by 0.21 percent or 60.89 points to 28,987.32 points Wednesday as against 29,048.21 posted Tuesday.

The KSE All Share Index dropped 0.25 percent or 53.16 points to 21,424.37 points, the KSE 30-Index declined by 0.55 percent or 19, 786.97 points, whereas the KMI 30-Index depleted by 0.27 percent or 124.25 points to 45,935.06 points.

During Wednesday’s trading session, the key index touched an intraday high of 29,142.79 points as against an intraday low of 28, 963.33 points.

Leading stocks like Pakistan State Oil (-2.06 rupees per share), Pakistan Telecommunication Company Limited (-0.11 rupees per share) , Fauji Fertilizer (-0.45 rupees), and National Bank of Pakistan (- 0.40 rupees) ended in red zone.

On the other hand, Netsol Tech. (1.50 rupees per share), Pioneer Cement (0.46 rupees), Engro Fertilizer Limited (2.14 rupees) and Pak Elektron Limited (1.27 rupees) somehow supported bulls at the exchange and kept it from a big decline.

Investors seemed cautious ahead of the upcoming Finance Bill 2014-15.

Market volumes improved by 56.359 million shares to 220.121 million shares, capitalization reduced by 17.338 billion rupees ( 173.388 million U.S. dollars) to 6.871 trillion rupees (68.715 billion U.S. dollars), whereas trading value gained 1.304 billion rupees (13.044 million U.S. dollars) to 9.135 billion rupees (91. 351 million U.S. dollars).

Among 382 active scrips Wednesday, prices of 177 issues advanced, 174 skidded lower, whereas values of 31 other companies stayed unchanged.

K-Electric Limited, Pak Int. Bulk(R) and Lafarge Pakistan were the top traded companies with turnovers of 50.769 million shares, 25.07 million shares and 13.6 million shares, respectively.

Bata Pakistan was the top price gainer with increment of 40.81 rupees (40.81 U.S. cents) to 3,705.56 rupees (37.06 U.S. dollars) whereas Nestle Pakistan led the major price shedders with decrement of 130 rupees (1.3 U.S. dollars) to 7,970 rupees (79.70 U.S. dollars).