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Roundup: Pakistan's KSE loses 0.07 pct as selling continues

Xinhua, March 3, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) stayed under the bearish spell for the seventh straight day on Tuesday as investors sold their holdings in the index heavyweights Oil and Gas Development Company and MCB Bank.

The benchmark KSE 100-Index dipped by 0.07 percent or 24.81 points to 33,188.77 points on Tuesday when compared with 33,213.58 points posted on Monday.

The KSE All Share Index fell by 0.31 percent or 73.98 points to 23,753.98 points, the KSE 30-Index inched up slightly by 0.01 percent or 2.10 points to 21,669.67 points, whereas the KMI 30- Index bucked the trend with a surge of 1.07 percent or 565.15 points to 53,439.32 points.

During Tuesday's trading session, the main index touched an intraday high of 33,293.52 points as against an intraday low of 32, 811.71 points. At one stage, the benchmark index fell 402 points or 1.22 percent amid speculation of selling by local and foreign funds.

Index heavyweights OGDC and MCB Bank, with a combined share of 14 percent in KSE 100 Index, saw aggressive selling. These two stocks negatively affected the Index by 100 points.

Pakistan's largest cement producer, Lucky Cement, rallied 4 percent that also helped other cement stocks.

Market volumes improved by 32.88 percent or 52.494 million shares to 212.136 million shares on Tuesday as against 159.641 million shares recorded on Monday, the capitalization slumped by 0. 31 percent or 23.484 billion rupees (234.848 million U.S. dollars) to 7.496 trillion rupees (74.962 billion U.S. dollars), whereas the trading value swelled by 29.24 percent or 3.025 billion rupees (30.254 million U.S. dollars) to 13.371 billion rupees (133.718 million U.S. dollars).

Among 376 active scrips on Tuesday, prices of 199 issues depleted, 159 advanced, whereas values of 18 other companies stayed unchanged.

Karachi Electric Limited, Jahangir Siddiqui Company Limited, and Pak Elektron Limited were the top traded companies with turnovers of 19.025 million shares, 18.710 million shares, and 17. 135 million shares, respectively.

Exide Pakistan was the top price gainer with increment of 59.35 rupees (59.35 U.S. cents) to 1,246.40 rupees (12.46 U.S. dollars) while on the other hand Nestle Pakistan led the major price losers with decrement of 200 rupees (2 U.S. dollars) to 10,000 rupees ( 100 U.S. dollars). Endi