Rumor-prone KSE stays bullish on lackluster day

Pakistan's Karachi Stock Exchange (KSE) recorded bullish trading activities for second straight day on Thursday over rumors regarding a likely court verdict in favor Sui Northern Gas Pipelines Limited but overall market trends lacked enthusiasm which was reflected in lower turnover.

The benchmark KSE 100-Index grew by 0.53 percent or 172.22 points to 32,565.14 points on Thursday when compared with 32,392. 92 points reported on Wednesday.

The KSE All Share Index swelled by 0.23 percent or 52.97 points to 22,788.54 points, the KSE 30-Index gained 0.16 percent or 30.35 points to 19,109.41 points, the KMI 30-Index jumped by 0.79 percent or 422.60 points to 54,191.58 points, whereas the Islamic All Share Index surged by 0.47 percent or 70.34 points to 15,096. 91 points.

During Thursday's trading session, the key index moved in a narrow range of 342.03 points as it touched an intraday high of 32, 630.11 points as against an intraday low of 32,288.08 points.

Despite of lack of major triggers, cheaper valuations kept investors interested in certain stocks where major activity was recorded in Sui Northern Gas Pipelines Limited on the news that high court may announce the decision in its favor. As a result, the stock closed up 5 percent.

Market volumes depleted by 37.40 percent or 71.637 million shares to 119.895 million shares on Thursday when compared with 191.533 million shares posted on Wednesday.

Market capitalization improved by 0.11 percent or 7.261 billion rupees (71.188 million U.S. dollars) to 6.900 trillion rupees (67. 653 billion dollars) while on the other hand trade value reduced by 22.10 percent or 2.064 billion rupees (20.236 million dollars) to 7.275 billion rupees (71.328 million dollars).

Among 327 active scrips on Thursday, prices of 164 issues advanced, 144 declined, whereas values of 19 other companies stayed unchanged.

TRG Pakistan Limited, Pak Elektron Limited, and Sui Northern Gas Pipelines Limited were the top traded companies with turnovers of 10.500 million shares, 7.153 million shares, and 6.492 million shares, respectively.

Hinopak Motor was the top price gainer with increment of 45.55 rupees (44.66 cents) to 1,050.50 rupees (10.29 dollars) while on the flip side Exide Pakistan led the major price shedders with decrement of 24.17 rupees (23.70 cents) to 882.50 rupees (8.65 dollars).