KSE hits fresh high in range-bound session

 Equities on Pakistan's Karachi Stock Exchange closed at a fresh all-time high on Friday despite a range-bound session that saw turnover shrink by around one-third from the previous trading day after institutional investors booked profits at higher levels while local individual investors stayed sidelined.
The benchmark KSE 100-Index swelled by 0.16 percent or 47.78 points to 30,224.89 points on Friday, as against 30,177.11 points recorded on Thursday.
During the week that ended on July 18, the main index jumped by 906.83 points with four out of five trading sessions ending in green zone.
The KSE All Share Index gained 0.16 percent or 35.81 points to 22.165.10 points, the KSE 30-Index increased by 0.26 percent or 53. 78 points to 21,024.04 points, whereas KMI 30-Index surged by 0.51 percent or 250.38 points to 49,210 points.
During Friday's trading session, the key index touched a high of 30,273.53 points, which was also the highest in history, and a low of 30,138.86 points.
Renewed interest was witnessed in Lafarge Cement on speculation that decisions of acquisition would take place in a few days. Some institutional interest in Pakistan Petroleum Limited helped the stock rally with a healthy volume of over 4 million shares.
Trading volume on KSE contracted by 69.15 million shares to 137. 11 million shares, turnover reduced 3.52 billion rupees (35.22 million U.S. dollars) to 7.73 billion rupees (77.33 million U.S. dollars), whilst market capitalization rose by 11.44 billion rupees (114.46 million U.S. dollars) to 7.08 trillion rupees (70. 84 billion U.S. dollars).
During the week under review, the top Pakistani bourse reported a total trading volume of 655.08 million shares, with daily volume averaging 131.02 million shares.
Among 327 active scrips Friday, prices of 160 issues declined, 143 advanced, and 24 others stayed unchanged.
Lafarge Pakistan Limited, Fauji Cement and Maple Leaf Cement Limited were most heavily traded, with turnover at 18.76 million shares, 13.95 million shares and 12.14 million shares, respectively.
Wyeth Pakistan Limited was the top price gainer with an increment of 193.49 rupees (1.93 U.S. dollars) to 4,064 rupees (40. 64 dollars), whereas Bata Pakistan led the major decliners by falling 49.70 rupees (49.70 cents) to 3,287.30 rupees (32.87 dollars).