Karachi Stock Exchange off record highs amid profit-booking

    Pakistan's Karachi Stock Exchange (KSE) returned to bearish ways after an eight-day bullish run which added 1,830.09 points to the key index as investors resorted to booking profits in blue chip companies after the government issued Expression of Interest to offer shares of leading companies. The benchmark KSE 100-Index shed 0.71 percent or 193.81 points to 27,115.21 points Wednesday, as against 27,309.02 points reported Tuesday. The KSE All Share Index declined 0.49 percent or 98.59 points to 20,180.04 points, the KSE 30-Index skidded 0.88 percent or 174. 12 points to 19,700.35 points, whereas the KMI 30-Index slumped 0. 85 percent or 386.97 points to 45,343.48 points. During Wednesday's trading session, the key index hit an all- time intraday high of 27,427.04 points, as against an intraday low of 27,080.47 points. Selling in index heavyweights was witnessed after the government issued Expression of Interest to offer shares of Oil and Gas Development Company, Pakistan Petroleum Limited and United Bank Limited. OGDC fell 1.5 percent while PPL and UBL declined by 2.1 percent and 1.2 percent, respectively, pushing benchmark index down. HUBC and Textile companies also witnessed selling pressure due to continuous strengthening of the Pakistani rupee while investors remained active in autos, pharmaceutical and cement stocks. Investors' interest was also seen in Engro Fertilizer in anticipation of a decline in debt due to a firming local currency. Trading volume rose by 8.22 million shares to 313.298 million shares, turnover fell by 1.11 billion rupees (10.58 million U.S. dollars) to 13.81 billion rupees (131.52 million U.S. dollars), whilst capitalization shrank by 34.16 billion rupees (352.33 million U.S. dollars) to 6.56 trillion rupees (62.45 billion U.S. dollars). Of the 387 active companies on Wednesday, 148 advanced, 226 closed in negative field whereas 13 others stayed unchanged. Lafarge Pakistan Limited, Byco Petroleum, and Engro Fertilizer Limited were most heavily traded, with turnover at 45.26 million shares, 16.75 million shares and 15.26 million shares, respectively. Wyeth Pakistan Limited was the top price gainer, rising 190 rupees (1.8 U.S. dollars) to close at 4,187.50 rupees (39.88 U.S. dollars), while Rafhan Maize SPOT led decliners by falling 99 rupees (94.28 U.S. cents) to finish at 7,651 rupees (72.86 U.S. dollars). .