KSE ends 8-day bullish run amid range-bound trade

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KARACHI, Aug 7: Karachi Stock Exchange (KSE) recorded mild bearish trade for the first time after eight- day bullish spree as investors opted for booking profits in oil sector following international oil price slumping to multi-year low.
The benchmark KSE 100-Index dipped marginally by 0.02 percent or 6.25 points to 36,222.63 points on Friday when compared with 36, 228.88 points reported on Thursday. During the week that ended on Aug. 7, the key index surged by 481.11 points with four out of five trading sessions ending in green zone. During the eight-day bullish streak, the KSE 100-Index jumped by 1,053.39 points.
The KSE All Share Index swelled by 0.21 percent or 51.81 points to 25,235.97 points, the KSE 30-Index dropped 0.19 percent or 43. 66 points to 22,431.76 points, whereas the KMI 30-Index gained 0. 15 percent or 90.41 points to 60,151.79 points.
During Friday’s trading session, the key index touched an intraday high of 36,327.24 points as against an intraday low of 36, 139.82 points.
Apart from profit-taking in oil sector, selling was also witnessed in banks and cement stocks.
On the contrary, Pak-Suzuki Motor Company (PSMC) closed 5 percent up after announcing robust June quarter earnings.
Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Ltd (SNGPL) also rallied by 5 percent after government announced to increase the natural gas tariff hike.
Market volumes depleted by 13.82 percent or 46.682 million shares to 291.146 million shares on Friday as against 337.828 million shares posted on Thursday, the capitalization increased by 0.21 percent or 16.216 billion rupees to 7.816 trillion rupees, whereas the trading value shrank by 25.36 percent or 4.184 billion rupees to 12.316 billion rupees.
During the week under review, the top Pakistani bourse registered total volumes of 1.476 billion shares at average daily turnovers of 295.391 million shares.
Among 389 active scrips on Friday, prices of 230 issues advanced, 139 declined, whereas values of 20 other companies stayed unchanged.
TRG Pakistan Ltd, Karachi Electric Ltd, and Jahangir Siddiqui Company Ltd were the top traded companies with turnovers of 28.092 million shares, 15.752 million shares, and 12. 984 million shares, respectively.
Hinopak MotorXD was the top price gainer with increment of 57. 12 rupees  to 1,199.53 rupees while on the flip side Rafhan Maize led the major price shedders with decrement of 174.99 rupees to 9, 500.01 rupees.

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