Pakistan's Stock dips in range-bound session

A profit-taking spree in large- cap stocks put a halt to a four-day bullish streak at Pakistan's Karachi Stock Exchange (KSE) in a range-bound trading session on Wednesday.
The benchmark KSE 100-Index dipped by 0.08 percent or 24.78 points to 29,676.80 points on Wednesday as against 29,701.58 points recorded on Tuesday.
The KSE All Share Index fell by 0.28 percent or 62.20 points to 21,958.04 points, the KSE 30-Index inched up fractionally by 0.01 percent or 1.75 points to 20,470.83 points, whereas the KMI 30- Index slimmed by 0.02 percent or 10.23 points to 47,849.57 points.
During Wednesday's trading session, the key index hit an intraday high of 29,799.40 points as against an intraday low of 29, 602.25 points.
Range bound activity was recorded as Oil and Gas Development Company, Pakistan State Oil, MCB Bank, United Bank Limited and Lucky Cement, which were rallying in the last two trading sessions, reported profit-taking. Bulk of the trading was witnessed in Pakistan Telecommunication Company Limited and Telecard Limited where PTCL witnessed renewed interest as very soon LDI operators will meet to decide strategy regarding international call rates.
Hub Power Company gained after Supreme Court decided the 1.9 billion rupees tax case in favor of the company which will eventually increase its dividend and earnings.
Market volumes improved by 41.595 million shares to 132.323 million shares, capitalization shrank by 19.878 billion rupees ( 198.782 million U.S. dollars) to 7.017 trillion rupees (70.177 billion dollars), whereas trading value shed 568.681 million rupees (5.686 million dollars) to 6.392 billion rupees (63.923 million dollars).
Among 333 active scrips Wednesday, prices of 157 issues declined, 149 advanced, whereas values of 27 other companies stayed unchanged.
Pakistan Telecommunication Company Limited, Telecard Limited, and Sui Southern Gas Company were the top traded companies with turnovers of 23.074 million shares, 12.005 million shares, and 9. 686 million shares, respectively.
Shezan International was the top gainer with increment of 21.60 rupees (21.60 cents) to 921.60 rupees (9.22 dollars) whereas Colgate Palmolive led the major price shedders with decrement of 50.78 rupees (50.78 cents) to 1,740 rupees (17.40 dollars).