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Roundup: KSE gives away 30,000 level on 4th straight bearish day

Xinhua, March 27, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) slumped by over 700 points on Friday to end week below the psychological figure of 30,000 points as investors remained busy on the selling counters amid lack of triggers.

The benchmark KSE 100-Index plunged by 2.35 percent or 721.14 points to 29,957.83 points on Friday when compared with 30,678.97 points reported on Thursday.

During the week that ended on March 27, the key index fell by 1, 842.43 points with all the four trading sessions ending in red zone.

The KSE All Share Index depleted by 1.95 percent or 428.36 points to 21,550.09 points, the KSE 30-Index shrank by 2.71 percent or 532.13 points to 19,069.19 points, whereas the KMI 30- Index decreased by 2.53 percent or 1,272.98 points to 49,073.89 points. Last week, market came down by 3.4 percent and the outgoing bearish week is the fifth consecutive week of negative closing as the key index has decreased by 12 percent in these five weeks.

During Friday's trading session, the main index touched an intraday high of 30,828.20 points as against an intraday low of 29, 847.26 points.

There were rumors of selling by leveraged investors to meet their margin calls while Friday also marked the last day of futures rollover which played catalyst role in the steep market fall.

Leading stocks liked Dera Ghazi Khan Cement, Maple Leaf Cement, National Bank of Pakistan, and Fauji Fertilizer Bin Qasim Limited closed at their 5 percent limit down.

Market volumes dipped by 17.53 percent or 45.296 million shares to 213.027 million shares on Friday as against 258.324 million shares posted on Thursday, the capitalization reduced by 1.92 percent or 131.310 billion rupees (1.313 billion U.S. dollars) to 6.713 trillion rupees (67.130 billion U.S. dollars), whereas the trading value deflated by 18.73 percent or 2.369 billion rupees ( 23.692 million U.S. dollars) to 10.277 billion rupees (102.779 million U.S. dollars).

During the week under review, the top Pakistani bourse witnessed total volumes of 698.862 million shares at average daily turnovers of 174.715 million shares.

Among 361 active scrips on Friday, prices of 276 issues declined, 69 advanced, whereas values of 16 other companies stayed unchanged.

Bank of Punjab, Pak Elektron Limited and Jahangir Siddiqui Company Limited were the top traded companies with turnovers of 30. 917 million shares, 25.334 million shares, and 10.770 million shares, respectively.

Bata Pakistan was the top price gainer with increment of 50 rupees (50 U.S. cents) to 3,150 rupees (31.50 U.S. dollars) while on the other hand Rafhan Maize XD led the major price shedders with decrement of 498 rupees (4.98 U.S. dollars) to 9,701 rupees ( 97.01 U.S. dollars). Endi