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Roundup: KSE rebounds on rate cut hopes

Xinhua, April 30, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) ended April on a bullish note Thursday as investors bought shares in anticipation of lower inflation data and expectation of cut in interest rate in the upcoming monetary policy despite of the forthcoming long weekend.

As per the KSE notice, the premier Pakistani bourse will remain closed on May 1, 2015 due to public holiday on the occasion of World Labor Day.

The benchmark KSE 100-Index surged by 0.81 percent or 269.95 points to 33,729.96 points on Thursday when compared with 33,460. 01 points reported on Wednesday. During the four-day trading week, the main index reduced by 45.16 points two trading sessions each ending in green and red zones.

The KSE All Share Index gained 0.56 percent or 130.53 points to 23,588.90 points, the KSE 30-Index increased by 1 percent or 215. 12 points to 21,673.58 points, whereas the KMI 30-Index jumped by 1.25 percent or 683.01 points to 55,234.87 points.

During Thursday's trading session, the key index touched an intraday high of 33,760.41 points as against an intraday low of 33, 456.03 points.

Renewed interest was seen in Engro Corporation (ENGRO), Engro Fertilizer (EFERT), Indus Motor (INDU), Habib Bank Limited (HBL) and Hub Power Company (HUBCO).

Market volumes depleted by 16.57 percent or 37.782 million shares to 190.262 million shares on Thursday as against 228.044 million shares posted on Wednesday, the capitalization swelled by 0.56 percent or 40.478 billion rupees (404.789 million U.S. dollars) to 7.305 trillion rupees (73.058 billion U.S. dollars), whereas the trading value improved by 42.51 percent or 3.919 billion rupees (39.194 million U.S. dollars) to 13.140 billion rupees (131.407 million U.S. dollars).

During the shortened week, the top Pakistani bourse recorded total volumes of 1.643 billion shares at average daily turnovers of 202.413 million shares.

Among 357 active scrips on Thursday, the prices of 180 issues declined, 150 increased, whereas values of 27 other companies stayed unchanged ahead of the long weekend.

Fauji Cement XD, Byco Petroleum, and TRG Pakistan Limited were the top traded companies with turnovers of 16.795 million shares, 15.198 million shares, and 11.357 million shares, respectively.

Indus Motor Company was the top price gainer with increment of 57.84 rupees (57.84 U.S. cents) to 1,214.65 rupees (12.14 U.S. dollars) while on the other hand Island Textile led the major price shedders with decrement of 37.45 rupees (37.45 U.S. cents) to 711.55 rupees (7.11 U.S. dollars). Endi