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Roundup: KSE falls for 2nd day amid shrinking volumes

Xinhua, April 29, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange consolidated during second straight bearish trading session on Wednesday amid falling turnovers but Faysal Bank bucked the trend after announcing above-expectation result and ended as the volume topper.

The benchmark KSE 100-Index dipped by 0.35 percent or 115.93 points to 33,460.01 points on Wednesday when compared with close of 33,575.94 points reported on Tuesday.

The KSE all Share Index fell by 0.12 percent or 28.37 points to 23,458.37 points, the KSE 30-Index declined by 0.46 percent or 99. 98 points to 21,458.46 points, whereas the KMI 30-Index reduced by 0.24 percent or 129.74 points to 54,551.86 points.

During Wednesday's trading session, the key index touched an intraday high of 33,681.05 points as against an intraday low of 33, 435.21 points.

Faysal Bank (FABL) rallied 4.2 percent after announcing an above-expectation March earning per share of 1.80 rupees. Very impressive corporate result of Indus Motor (INDU) announced after market closed which is expected to rally the stocks tomorrow.

Engro Corporation (ENGRO) announced sell of 7 percent shares of Engro Fertilizer (EFERT) through private placement. Meanwhile, following approval of amalgamation KASB Bank (KASBB) with BankIslami Pakistan Limited (BIPL), the Karachi Stock exchange suspended trading in the KASBB.

Market volumes depleted by 30.96 percent or 102.255 million shares to 228.044 million shares on Wednesday as against 330.299 million shares posted on Tuesday, the capitalization slipped by 0. 12 percent or 8.574 billion rupees (85.748 million U.S. dollars) to 7.265 trillion rupees (72.653 billion U.S. dollars), whereas trading value shrank by 22.24 percent or 2.636 billion rupees (26. 365 million U.S. dollars) to 9.221 billion rupees (92.212 million U.S. dollars).

Among 375 active scrips on Wednesday, prices of 239 issues ending in red terrain, 122 resting in green zone, whereas values of 14 other companies stayed stable.

Faysal Bank, Byco Petroleum, and Bank of Punjab were the top traded companies Wednesday with turnovers of 47.507 million shares, 30.047 million shares, and 22.499 million shares, respectively.

Murree Brewery was the top price gainer with increment of 42.44 rupees (42.44 U.S. cents) to 944.20 rupees (9.44 U.S. dollars) while on the flip side Indus Dyeing led the major price losers with decrement of 32.95 rupees (32.95 U.S. cents) to 626.05 rupees (6.26 U.S. dollars). Endi