KSE sheds 349 points over lower global oil prices

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KARACHI, Aug 17: Karachi Stock Exchange (KSE) started the fresh week on a bearish note on Monday as falling international oil prices hurt sentiments at the local bourse which resulted in profit-taking in leading oil stocks.
The benchmark KSE 100-Index slumped by 0.97 percent or 349.28 points to 35,588.05 points on Monday when compared with 35,937.33 points reported on Friday.
The KSE All Share Index plunged by 0.91 percent or 228.25 points to 24,853.78 points, the KSE 30-Index declined by 1.19 percent or 262.39 points to 21,849.33 points, whereas the KMI 30- Index fell by 0.99 percent or 592.32 points to 59,136.71 points.
During Monday’s trading session, the key index touched an intraday high of 36,008.56 points as against an intraday low of 35, 580.57 points.
Profit-taking was seen in index heavyweights like Oil and Gas Development Company (OGDC), Habib Bank Ltd (HBL), Pakistan Petroleum Ltd (PPL) and MCB Bank (MCB) which negatively affected the market by 170 points.
Plant expansion announcement by Attock Cement Pakistan Ltd (ACPL) in the last trading session kept cement stocks under pressure despite better FY15 result posted by Cherat Cement Company Ltd (CHCC).
Market volumes depleted by 8.48 percent or 32.226 million shares to 347.845 million shares on Monday as against 380.072 million shares posted on Friday, the capitalization reduced by 0. 93 percent or 72.265 billion rupees  to 7.688 trillion rupees, whereas the trading value swelled by 0.36 percent or 40.012 million rupees  to 11.103 billion rupees.
Among 372 active scrips, prices of 226 issues decreased, 123 increased, whereas values of 23 other companies stayed unchanged at previous week’s level.
Silk Bank(R) SPOT, Karachi Electric Ltd, and Sui Northern Gas Pipelines Ltd were the top traded companies with turnovers of 86.749 million shares, 55.306 million shares, and 14.706 million shares, respectively.
Sapphir Textiles led the top price gainers with increment of 36 rupees  to 756.18 rupees  while on the flip side Hinopak Motor topped the major price shedders with decrement of 56.62 rupees  to 1,138.87 rupees.

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