Karachi stock exchange stays bearish amid profit-taking

The profit-taking spree continued on Pakistan's Karachi Stock Exchange (KSE) on Friday as the key index fell below the 26,400-mark with investors selling their stakes in Engro Corporation. The benchmark KSE 100-Index fell 0.55 percent or 147.13 points to 26,394.13 Friday, compared with 26,541.26 points reported Thursday. During the week ended Feb. 14, the KSE 100-Index retreated by 287.65 points with three out of five trading sessions ending in the red territory. The KSE All Share Index shed 0.36 percent or 72.14 points to 19, 724.52 points, the KSE 30-Index declined 0.47 percent or 90.79 points to 19,104.81 points, whereas the KMI 30-Index slumped by 0. 73 percent or 319.19 points to 43,496.31 points Friday. During Friday's session, the main index hit an intraday high of 26,618.17 points, as against an intraday low of 26,371.69 points. Disappointed investors booked profits in Engro Corporation as the stock fell by 3 percent after its result announcement as its payout was not in line with expectations. Nishat Mills December quarter earnings also failed to boost sentiments on the top local bourse. Trading volume shrank by 73.59 million shares to 202.55 million shares, turnover dropped 3.32 billion rupees (31.66 million U.S. dollars) to 7.47 billion rupees (71.16 million U.S. dollars), whilst capitalization reduced by 23.52 billion rupees (224.05 million U.S. dollars) to 6.43 trillion rupees (61.26 billion U.S. dollars). During the week, the market registered a total trading volume of 1.24 billion shares, with average daily volume at 318.38 million shares. Among Friday's 385 active scrips, prices of 275 issues declined, 90 advanced, whereas 20 other companies stayed unchanged. Bank of Punjab Right, Engro Fertilizer Limited, and Jahangir Siddiqui Company were most heavily traded with turnover at 29.49 million shares, 17.50 million shares and 12.77 million shares, respectively. Rafhan Maize was the star performer with its price up 368.41 rupees (3.50 U.S. dollars) to 7,736.69 rupees (73.68 U.S. dollars), while Siemens Pakistan led losers by falling 67.09 rupees (63.89 U. S. cents) to 1,274.88 rupees (12.14 U.S. dollars).