Pakistan's Karachi bourse falls for third straight day

Equities at Pakistan's Karachi Stock Exchange (KSE) recorded bearish trading activities for the third straight trading session on Monday as investors continued booking profits at higher levels amid controlled selling by the foreign investors. The benchmark KSE 100-Index slumped by 1.53 percent or 324.91 points to close at 20,958.86 levels on Monday as against 21,283.77 levels recorded on Friday as across-the-board selling was recorded in the first trading session of the fresh week. The KSE All Share Index fell by 1.01 percent or 150.61 points to end at 14,806.43 levels on Monday as against 14,957.04 levels reported on Friday, the KSE 30-Index nosedived by 1.7 percent or 280.95 points to conclude at 16,228.37 levels on Monday as against 14,957.04 levels posted in the previous trading session, whereas the KMI 30-Index plunged by 1.39 percent or 509.7 points to finish trading activities at 36,103.11 levels on Monday when compared with 36,612.81 levels witnessed the other day. The Karachi Stock Exchange began the new week on a bearish note on Monday morning as strong selling activities were recorded in all major scrips which left the main index languishing at its lowest level of the day of 20,917.04 just before the halfway stage. After hitting its intraday low, the key index moved in a narrow range and managed to close above 20,950 levels. The market volumes shrank by 126.38 million shares to 234.847 million shares on Monday as against trading of 361.227 million shares recorded on Friday as local individual investors remained sidelined amid massive selloff. The market capitalization was reduced by 51.917 billion rupees (529.771 million U.S. dollars) to 5.104 trillion rupees (52.082 billion U.S. dollars) on Monday when compared with the market capitalization worth 5.156 trillion rupees (52.612 billion U.S. dollars) posted on Friday. The Karachi Stock Exchange's trading value declined by 2.689 billion rupees (27.442 million U.S. dollars) to 6.707 billion rupees (68.443 million U.S. dollars) on Monday when compared with Friday's trading value of 9.396 billion rupees (95.886 million U. S. dollars). As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the foreign investors came up with net buying of 621.185 million rupees (6.338 million U.S. dollars) on Friday thus taking the net buying tally in the month of May, 2013 to 25.429 billion rupees (259.482 million U.S. dollars) by May 24, 2013. In broader market, a total of 351 companies changed hands during the course of trading on Monday where prices of 259 issues ended in red terrain, 80 managed to record green close, whereas values of 12 other scrips stayed unchanged at previous week's levels. Bank of Punjab (R) emerged as the top traded company of the day with trading of 47.388 million shares in its scrip, followed by Bank of Punjab, Fauji Cement, Maple Leaf Cement, WorldCall Telecom, Pakistan Telecommunication Company Limited, Dewan Cement, Engro Corporation, Pace Pakistan Limited, and Pakgen PowerxXD with turnovers of 20.657 million shares, 10.777 million shares, 9.187 million shares, 8.437 million shares, 7.853 million shares, 5.868 million shares, 5.665 million shares, 5.500 million shares, and 5. 054 million shares, respectively. Nestle Pakistan was the top price gainer of the day with increment of 100 rupees (1.02 U.S. dollars) per share to close at 6,700 rupees (68.36 U.S. dollars) on Monday while on the other hand Island Textile led the major price shedders of the day with decrement of 37 rupees (37.75 U.S. cents) a share to finish at 703 rupees (7.17 U.S. dollars).