Karachi stock exchangehovers around 25,000-point level in bullish trade

Buying in cement and banking companies helped equities on Pakistan's Karachi Stock Exchange ( KSE) to record major bullish activities on Wednesday but the key index failed to sustain the psychological 25,000 points towards the end amid profit-taking at higher levels. The benchmark KSE 100-Index increased by 0.38 percent, or 94.22 points, to close at 24,972.90, as against 24,878.68 points recorded on Tuesday. The KSE All Share Index gained 0.44 percent or 80.44 points to end at 18,512.22 points, the KSE 30-Index moved up by 0.38 percent or 71.25 points, whereas the KMI 30-Index surged by 0.43 percent or 178.42 points to finish at 41,736.1 points. During Wednesday's trading, the main index hit an intraday high of 25,020.17 points and an intraday low of 24,878.68 points. The market once again overcame the psychological mark of 25,000 points, but failed to sustain that level. The cement sector remained in the limelight on back of potential price increase in the upcoming month. Moreover, investors' interest was witnessed in BankIslami Pakistan Limited and National Bank of Pakistan due to improving margins of the banking sector. Trading volume rose slightly by 2.3 million shares to 179.83 million shares, turnover reduced by 719.75 million rupees (6.85 million U.S. dollars) to 7.21 billion rupees (68.63 million U.S. dollars), whilst market capitalization swelled by 25.66 billion rupees (244.37 million U.S. dollars) to 6.03 trillion rupees (57. 44 billion U.S. dollars) on Wednesday. Among 365 active scrips Wednesday, prices of 234 issues advanced, 104 declined, and 27 others stayed unchanged. BankIslami Pakistan Limited, National Bank of Pakistan, and Dera Ghazi Khan Cement were most heavily traded, with trading volume at 18.23 million shares, 13.1 million shares, and 9.89 million shares, respectively. Rafhan Maize led advancers by rising 350 rupees (3.33 U.S. dollars) to close at 8,050 rupees (76.66 U.S. dollars), while on the flip side Siemens Pakistan chalked up the sharpest decline, down by 69.78 rupees (66.45 U.S. cents) to 1,379.97 rupees (13.14 U.S. dollars).