KSE consolidates ahead of corporate results

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KARACHI, Jul 31: Karachi Stock Exchange (KSE) recorded mild bullish trade as part of the consolidation process as investors braced themselves up for the upcoming corporate results.
The benchmark KSE 100-Index moved up fractionally by 0.03 percent or 11.51 points to 35,741.52 points on Friday when compared with 35,730.01 points reported on Thursday.
During the week that ended on July 31, the main index shed 73. 68 points, despite of four trading sessions ending in green zone as Monday’s big bearish session proved too big a loss to recover for the top Pakistani bourse.
The KSE All Share Index inched up by 0.06 percent or 15.74 points to 24,867.05 points, the KSE 30-Index dipped marginally by 0.05 percent or 10.33 points to 22,238.64 points, whereas the KMI 30-Index dropped 0.08 percent or 47.52 points to 58,553.60 points.
During Friday’s trading session, the key index touched an intraday high of 35,824.85 points as against an intraday low of 35, 626.90 points.
Buying interest was witnessed in refineries on the back of better than expected results as Attock Refinery Ltd (ATRL) and National Refinery Ltd (NRL) closed at their upper circuit.
Renewed interest was seen in gas distribution companies, as Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company (SSGC) in the expectations of result.
Market volume trimmed down by 30.08 percent or 128.783 million shares to 299.370 million shares on Friday as against 428.153 million shares posted on Thursday, the capitalization swelled by 0. 07 percent or 5.039 billion rupees to 7.701 trillion rupees, whereas the trading value declined by 25.50 percent or 3.690 billion rupees to 10.779 billion rupees.
During the week under review, the Karachi Stock Exchange reported total volumes of 2.013 billion shares at average daily turnovers of 402.723 million shares.
Among 359 active scrips on Friday, prices of 175 issues depleted, 161 advanced, whereas values of 23 other companies stayed unchanged.
Silk Bank(R), Ghani Automobile, and TRG Pakistan Ltd were the top traded companies with turnovers of 49.861 million shares, 27.074 million shares, and 21.782 million shares, respectively.
Nestle Pakistan was the top price gainer with increment of 195 rupees to 10,695 rupees while on the flip side Colgate Palmolive led major price shedders with decrement of 78.88 rupeesĀ  to 1,498.90 rupees.

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