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Bullish trend continues as KSE-100 index down 1.17% to 33139pts

KARACHI: Karachi Stock Exchange witnessed bullish trend on the first day of trading week as the 100-index dipped 1.17 per cent to 33139.25 points, by shedding 391 points till midday.

The stock exchange recorded highest trading level of 33541.59 points and lowest level of 32944.79 points, with the total volume of 76,339,000 shares, having value of Rs4,781,294,372.

Though most of the companies remained in negative zone, the top three trading companies are Pak Elektron, Byco Petroleum and TRG Pak Ltd. Pak Elektron topped the trading companies with a volume of 13,766,000 and price per share of 58.90 (-2.30). Byco Petroleum remained second with a volume of 10,463,000 and price per share of 12.94 (-0.56) and TRG Pak Ltd with a volume 8,232,500 of price per share of 19.00 (19.00).

Last week, the markets failed to gain traction despite S&P raising outlook on Pakistan to positive from stable and Moody’s flagging Pakistan’s improving external liquidity position in its latest report. The main reasons were political uncertainty after the disqualification of the Railways Minster and rumours of heavy taxes in the next federal budget. However, the Oil and Gas sector attracted investors’ interest on hydrocarbon discoveries and recovery in international crude oil prices. Hence, the benchmark KSE-100 index closed 0.6 percent WoW down at 33,530 with trading activity dropping by 26 percent WoW to 187mn shares/day.