ROUNDUP: KSE DIPS FURTHER IN 6TH STRAIGHT BEARISH SESSION

ROUNDUP: KSE DIPS FURTHER IN 6TH STRAIGHT BEARISH SESSION

ISLAMABAD, Jul 11, 2014 (Xinhua via COMTEX News Network) —

Pakistan’s Karachi Stock Exchange (KSE) on Friday continued recording bearish trading activities amid lack of major triggers but last-hour cherry- picking in main board stocks helped the key index to trim down its intraday losses.

The benchmark KSE 100-Index dipped by 0.12 percent or 35.06 points to 29,318.06 points on Friday as against 29,353.12 points posted on Thursday.

During the week that ended on July 11, the key index fell by 301.78 points with all the five trading sessions ending in bearish zone.

The KSE All Share Index shed 0.13 percent or 27.59 points to 21, 594.37 points, the KSE 30-Index declined by 0.17 percent or 34.8 points, whereas the KMI 30-Index dropped 0.09 percent or 43.57 points to 47,367.37 points.

During Friday’s trading session, the key index touched an intraday high of 29,383.30 points as against an intraday low of 29, 298.59 points.

Mari Petroleum closed at lower circuit breaker after Federal Minister for Finance Ishaq Dar rejected the proposal to change its pricing formula. Pakistan Telecommunication Company Limited, Sui Southern Gas Company, and Karachi Electric Limited were in demand but the overall market activity remained lackluster and dull.

Market volumes depleted by 11.866 million shares to 54.864 million shares, capitalization reduced by 9.167 billion rupees (91. 678 million U.S. dollars) to 6.901 trillion rupees (69.014 billion dollars), whereas trading value shrank by 80.976 million rupees ( 809,768 dollars) to 2.709 billion rupees (27.099 million dollars).

During the week under review, the market registered total volumes of 297.758 million shares at average daily turnovers of 59. 551 million shares.

Among 295 active scrips Friday, prices of 135 issues advanced, 134 declined, whereas values of 26 other companies stayed unchanged.

NIB Bank Limited, Bank Al-Falah Limited, and Nishat Power Limited were the top traded companies with turnovers of 3.771 million shares, 2.61 million shares, and 2.506 million shares, respectively.

Shezan International was the top price gainer with increment of 43.18 rupees (43.18 cents) to 1,083.18 rupees (10.83 dollars) whereas Wyeth Pakistan Limited led the major price shedders with decrement of 222.50 rupees (2.23 dollars) to 4,227.50 rupees (42. 28 dollars).