Karachi Stock extends losses in range-bound trade

Pakistan's Karachi Stock Exchange (KSE) recorded bearish trading activities for second straight day on Wednesday amid dull trade as investors found no triggers after commencement of the result season. The benchmark KSE 100-Index shed 0.23 percent or 59.11 points to 25,500.50 points Wednesday as against 25,559.61 points recorded Tuesday. The KSE All Share Index inched down 0.02 percent or 4.01 points to 19,095.95 points, the KSE 30-Index fell 0.27 percent or 49.45 points to 18,596.31 points, whereas the KMI 30-Index dropped 0.27 percent or 113.78 points to 42,388.3 points. During Wednesday's trading session, the key index touched an intraday high of 25,652.41 points as against an intraday low of 25, 490.62 points. The Karachi bourse witnessed a range bound session as result season comes to an end and futures rollover came into play. Lucky Cement and Indus Motors announced their December quarter results. Mid cap stocks remained active as Bank of Punjab Rights witnessed 20 million shares which made 11 percent of total volume. However, renewed buying interest was seen in consumer stocks which helped leading stocks like Nestle, Pak Tobacco, Murree Brewery and National Foods to close at upper cap. Market volumes declined by 50.657 million shares to 176.004 million shares, capitalization reduced by 1.645 billion rupees (15. 667 million U.S. dollars) to 6.223 trillion rupees (59.275 billion dollars), whereas trading value slid by 387.758 million rupees (3. 692 million dollars) to 5.441 billion rupees (51.824 million dollars). Among 382 active scrips Wednesday, prices of 250 issues declined, 120 advanced, whereas values of 12 other companies stayed unchanged. Bank of Punjab Right, Adamjee Insurance, and TRG Pakistan Limited were the top traded companies with volume of 19.897 million shares, 10.092 million shares, and 10.017 million shares, respectively. Nestle Pakistan was the top price gainer with increment of 443. 45 rupees (4.22 dollars) to close at 9,312.45 rupees (88.69 dollars) while Rafhan Maize led the major price shedders with decrement of 259.12 rupees (2.46 dollars) to end at 7,300 rupees ( 69.52 dollars).