Pakistan's KSE Plunges Further In 6Th Straight Bearish Session

Pakistan's Karachi Stock Exchange (KSE) reported bearish trading activities for sixth straight day on Wednesday as investors followed the suit of foreigners in taking an exit from the lackluster market which lacked major triggers amid roll-over week.

The benchmark KSE 100-Index plunged by 1.11 percent or 371.73 points to 33,199.86 points on Wednesday when compared with 33,571.59 points reported on Tuesday. During the six-day bearish trail, the main index has given away 866.01 points.

The KSE All Share Index plummeted by 1.03 percent or 241.73 points to 23,246.34 points, the KSE 30-Index slumped by 1.25 percent or 247.89 points to 19,578.69 points, the KMI 30-Index posted a decline of 1.18 percent or 657.52 points to 55,151.87 points, whereas the Islamic All Share Index sank by 1.24 percent or 193.72 points to 15,420.97 points.

During Wednesday's trading session, the key index moved in a range of 490.97 points as it clocked an intraday high of 33,616.52 points as against an intraday trough of 33,125.55 points.

Sui Southern Gas Company (SSGC) was one of the shining stars in a bearish market as it posted an increase of 5 percent due to positive earnings expectations.

Market volumes depleted by 3.31 percent or 5.215 million shares to 152.526 million shares on Wednesday when compared with 157.742 million shares posted on Tuesday.

Market capitalization reduced by 1.06 percent or 75.540 billion rupees (740.591 million dollars) to 7.036 trillion rupees (68.984 billion dollars) while trade value improved by 18 percent or 1.193 billion rupees (11.703 million dollars) to 7.824 billion rupees (76.709 million dollars).

Among 365 active scrips on Wednesday, prices of 262 issues ended lower, 82 managed to grow, whereas values of 21 other companies stayed unchanged.

Sui Southern Gas Company, TRG Pakistan Limited and Karachi Electric Limited were the top traded companies with turnovers of 13.585 million shares, 12.316 million shares and 11.310 million shares, respectively.

Khyber Tobacco XD was the top price gainer with increment of 13.99 rupees (13.72 cents) to 398.99 rupees (3.91 dollars) while on the flip side Rafhan Maize led the major price shedders with decrement of 478.13 rupees (4.68 dollars) to 9,085 rupees (89.06 dollars). (Cihan/Xinhua)