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Roundup:KSE sheds intraday gains amid better turnover

Xinhua, May 4, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) recorded mixed trading activities on Monday as investors resorted to booking profits at higher levels in the dying moments after hectic buying during early hours which resulted in better overall market participation.

The benchmark KSE 100-Index inched down by 0.02 percent or 6.43 points to 33,723.53 points on Monday when compared with 33,729.96 points reported on Friday.

The KSE All Share Index slipped by 0.2 percent or 48.22 points to 23,540.68 points, the KSE 30-Index swelled by 0.17 percent or 37.67 points to 21,711.25 points, whereas the KMI 30-Index increased by 0.19 percent or 106.12 points to 55,340.99 points.

During Monday's trading session, the key index touched an intraday high of 34,020.30 points as against an intraday low of 33, 627.52 points.

The top Pakistani bourse fell sharply in the last half an hour after election tribunal gave verdict of irregularities on one of the ruling party's National Assembly seat for elections held in 2013.

Investors also trimmed their positions after slightly higher than expected April CPI announcement, however, some interest was seen in Pakistan Oilfields Limited (POL) -up 1.6 percent - as it announced a discovery in Tal Block.

Engro Fertilizer (EFERT) rallied 1.6 percent after news that private placement was oversubscribed.

Market volumes improved by 8.32 percent or 15.821 million shares to 206.084 million shares on Monday as against 190.262 million shares reported Friday, the capitalization declined by 0. 23 percent or 16.447 billion rupees (164.478 million U.S. dollars) to 7.289 trillion rupees (72.893 billion U.S. dollars), whereas the trading value gained 13.29 percent or 1.746 billion rupees (17. 469 million U.S. dollars) to 14.887 billion rupees (148.877 million U.S. dollars).

Among 357 active scrips on Monday, prices of 205 issues depleted, 138 advanced, whereas values of 14 other companies stayed unchanged at previous week's levels.

Byco Petroleum, Karachi Electric Limited, and Fauji Cement XD were the top traded companies with turnovers of 20.266 million shares, 17.161 million shares, and 15.031 million shares, respectively.

Hinopak Motor was the top price gainer with increment of 47.41 rupees (47.41 U.S. cents) to 996.22 rupees (9.96 U.S. dollars) while on the other hand Nestle Pakistan XD led the major price shedders with decrement of 500 rupees (5 U.S. dollars) to 9,500 rupees (95 U.S. dollars). Endi