KSE lacks support, falls big in final weekly session

Pakistan's Karachi Stock Exchange (KSE) recorded major bearish activities on final trading day of the week on Friday as lack of institutional support forced smaller participants to go for profit-booking.The benchmark KSE 100-Index shed 0.67 percent or 180.73 points to 26,681.78 points Fresh basilFriday as against 26,862.51 points recorded Thursday.During the four-day week ending on February 7, 2014, the key index declined by 102.56 points with two out of four trading sessions ending on bearish note.The KSE All Share Index gave away 0.84 percent or 167.86 points to 19,881.18 points, the KSE 30-Index fell 0.6 percent or 115.84 points to 19,255.94 points, whereas the KMI 30-Index slumped 0.69 percent or 308.16 points to 44,090.97 points Friday.During Friday's session, the key index hit an intraday high of 26,925.64 points as against an intraday low of 26,640.44 points.Lack of institutional interest with low participation resulted in bearish trade at Karachi bourse.

Moreover, mixed results' announcement failed to lift the spirits at the bourse.Selling pressure was seen in index heavy weights like Oil and Gas Development Company, Pakistan State Oil, Engro Corporation, Hub Power Company,Vintage bath fixtures Fauji Cement, and Maple Leaf Cement.Market volumes dropped by 33.43 million shares to 287.64 million shares, capitalization reduced by 54.732 billion rupees ( 521.26 million U.S. dollars) to 6.482 trillion rupees (61.736 million U.S. dollars), whereas trading value shed 431.983 million rupees (4.114 million U.S. dollars) to 7.678 billion rupees (73. 127 million U.S. dollars).During the week under review, the Karachi bourse recorded total volumes of 1.134 billion shares at average daily turnovers of 283. 532 million shares.Among 383 active scrips Friday, prices of 265 issues declined, 101 advanced, whereas values of 17 other companies stayed unchanged.Jahangir Siddiqui Company, Azgard Nine, and Vintage tubsEngro Fertilizers were the top traded companies with turnovers of 46.801 million shares, 23.471 million shares, and 13.869 million shares, respectively.Wyeth Pakistan was the top price gainer with increment of 227. 60 rupees (2.16 U.S. dollars) to 4,989 rupees (47.51 U.S. dollars) while Unilever Foods led major decliners with decrement of 476.63 rupees (4.53 U.S. dollars) to 9,076 rupees (86.43 U.S. dollars).