KSE inches up on financial results

Equities at Pakistan's Karachi Stock Exchange (KSE) remained confused about the general trends ahead of a long weekend where investors showed keen interest in PACE which announced its results which resulted in better volume numbers on Wednesday. The benchmark KSE 100-Index swelled by 0.07 percent or 11.69 points to close at 15,865.53 levelson Wednesday as against close of 15,853.84 levels recorded on Tuesday. The KSE All Share Index gained 0.19 percent or 21.64 points to end at 11,170.01 levels, the KSE 30-Index moved up by 0.22 percent or 28.16 points to conclude at 12,990.88 levels, while on the other hand the KMI 30-Index continued facing bearish trends as it fell by 0.09 percent or 24.4 points to finish the day at 27,750.9 levels here. The Karachi Stock Exchange began Wednesday's trading session on a strong bullish note with its main index scampering past 15,900 levels for the second straight day and soon hit the intraday highest level of 15,908.93 as investors remained upbeat over the financial result of Dera Ghazi Khan Cement. After hitting its intraday high, the main index witnessed a see- saw movement for the most part of the trading session before nose- diving southwards right at the end of the day where it finished well below the psychological 15,900 levels. Market volumes augmented by 40.317 million shares to 143.647 million shares on Wednesday as against trading of 103.330 million shares recorded on Tuesday as Pace Pakistan Limited, Pakistan Telecommunication Company Limited, and Dera Ghazi Khan Cement remained in the limelight. Market capitalization improved by 7.110 billion rupees (74.845 million U.S. dollars) to 3.969 trillion rupees (41.78 billion U.S. dollars) on Wednesday when compared with market capitalization worth 3.962 trillion rupees (41.708 billion U.S. dollars) reported the other day. As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL) for Tuesday, the foreign investors came up with net selling worth 922,547 rupees (9,711 U.S. dollars) at the top Pakistani bourse. In broader market, a total of 353 companies changed hands during the course of trading on Wednesday where prices of 191 issues ended in green terrain, 137 declined into the red column, whereas values of 25 other scrips stayed unchanged at Tuesday's levels. Pace Pakistan Limited, which announced its financial results on Wednesday, was the top traded company of the day with trading of 28.136 million shares in its scrip, followed by Pakistan Telecommunication Company Limited, Dera Ghazi Khan Cement, Fatima Fertilizer Company, Jahangir Siddiqui Company, National Bank of Pakistan, and Engro Corporation with turnovers of 11.539 million shares, 8.783 million shares, 8.103 million shares, 7.029 million shares, 3.528 million shares, and 3.244 million shares, respectively. Bata Pakistan Limited was the top price gainer of the day with increment of 40.67 rupees (42.81 U.S. cents) in its per share value that ended the day at 1,460 rupees (15.36 U.S. dollars) while on the other hand UniLever Pakistan led the top price shedders of the day with decrement of 211.16 rupees (2.22 U.S. dollars) before closing at 9,498.04 rupees (99.97 U.S. dollars).