KSE bucks 6 day bearish trail amid lower volumes

Pakistan's Karachi Stock Exchange (KSE) discontinued a six-day bearish trend on Friday but overall participation remained on the lower side as mid-cap stocks remained in demand.
The benchmark KSE 100-Index swelled by 0.06 percent or 17.47 points to 28,691.84 points on Friday as against 28,674.37 points recorded on Thursday.
During the week that ended on June 20, the key index lost 1,039. 02 points with four out of five trading sessions ending in red territory.
The KSE All Share Index dipped by 0.03 percent or 7.1 points to 21,231.62 points, the KSE 30-Index dropped by 0.06 percent or 11.4 points to 19,705.78 points, whereas the KMI 30-Index fell by 0.17 percent or 77.75 points to 45,993.3 points.
During Friday's trading session, the key index touched an intraday high of 28,841.39 points as against an intraday low of 28, 623.99 points.
Market gained some ground above 28,600-level after a continuous fall of 3 percent in the last few trading sessions.
Pakistan Telecommunication Company Limited continued its slide after government dissolved International Clearing House (ICH), while continued selling pressure was witnessed in Pakistan State Oil amid uncertainty over mounting circular debt.
Cement and banking stocks remained in green ahead of better earnings expectations for June-quarter.
Pak-Suzuki Motor Company closed at 5 percent upper circuit yet again after the government of Punjab announced Yellow Cab Scheme.
Market volumes declined by 79.615 million shares to 113.733 million shares, capitalization reduced by 2.326 billion rupees (23. 265 million U.S.dollars) to 6.785 trillion rupees (67.852 billion dollars), whereas trading value shrank by 3.536 billion rupees (35. 368 million dollars) to 6.136 billion rupees (61.36 million dollars).
During the week under review, the Karachi bourse witnessed total volumes of 761.8 million shares at average daily turnovers of 152.36 million shares.
Pakistan Telecommunication Company Limited, Fauji Cement, and National Bank of Pakistan were the top traded companies with turnovers of 19.535 million shares, 10.966 million shares, and 5. 926 million shares, respectively.
Shezan International was the top price gainer with increment of 35.77 rupees (35.77 U.S. cents) to 885.57 rupees (8.86 dollars) whereas Nestle Pakistan led the major price shedders with decrement of 50 rupees (50 cents) to 7,950 rupees (79.50 dollars).