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Roundup: Profit-taking pulls Karachi bourse down

Xinhua, April 23, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) witnessed bearish trade Thursday due to profit- taking by local as well as foreign investors amid a tense by- election in one of the constituencies of Karachi and Prime Minister Nawaz Sharif and Chief of Army Staff Raheel Sharif's visit to the Kingdom of Saudi Arabia.

The benchmark KSE 100-Index dipped 0.1 percent or 33.90 points to 33,456.74 points on Thursday when compared with 33,490.64 points posted on Wednesday.

The KSE All Share Index fell by 0.12 percent or 28.37 points to 23,424.84 points, the KSE 30-Index decreased by 0.2 percent or 42. 11 points to 21,417.08 points, whereas the KMI 30-Index reversed the overall bearish trend with increase of 0.12 percent or 63.30 points to 54,756.47 points.

During Thursday's trading session, the key index touched an intraday high of 33,712.45 points as against an intraday low of 33, 399.02 points.

Lucky Cement (LUCK), Dera Ghazi Khan Cement (DGKC) and Maple Leaf Cement (MLCF) announced their March quarter results where LUCK and DGKC earnings remained better than expectations and gained 1.3 percent and 1.7 percent, respectively. On the flip side, MLCF saw profit taking and finished 2.2 percent lower.

Market volumes shrank by 1.62 percent or 5.727 million shares to 348.016 million shares on Thursday as against 353.744 million shares reported on Wednesday, the capitalization reduced by 0.22 percent or 15.683 billion rupees (156.833 million U.S. dollars) to 7.253 trillion rupees (72.536 billion U.S. dollars), whereas the trading value declined by 3.37 percent or 592.488 million shares ( 5.924 million U.S. dollars) to 16.971 billion rupees (169.713 million U.S. dollars).

Among 354 active scrips on Thursday, prices of 217 issues depleted, 123 advanced, whereas values of 14 other companies stayed unchanged.

KASB Bank Limited, Bank of Punjab, and Pak Elektron Limited were the top traded companies with turnovers of 5.447 million shares, 30.577 million shares, and 25.922 million shares, respectively.

Nestle Pakistan XD was the top price gainer with increment of 475 rupees (4.75 U.S. dollars) while on the other hand Pak Tobacco XD led the major price shedders with decrement of 42.14 rupees (42. 14 U.S. cents) to 808.86 rupees (8.08 U.S. dollars). Endi