Pakistan's karachi stock exchange dips in second bearish session

Pakistan's Karachi Stock Exchange (KSE) recorded second straight day of bearish trade on Monday as investors opted for selling in index heavyweight oil stocks after international oil prices continued the declining trend.

The benchmark KSE 100-Index dipped 0.02 percent or 6.25 points to 36,222.63 points on Monday when compared with 36,228.88 points witnessed on Friday.

The KSE All Share Index swelled by 0.21 percent or 51.81 points to 25,235.97 points, the KSE 30-Index shed 0.19 percent or 43.66 points to 22,431.76 points, whereas the KMI 30-Index moved up by 0. 15 percent or 90.41 points to 60,151.79 points.

During Monday's trading session, the key index touched an intraday high of 36,332.67 points as against an intraday low of 36, 037.08 points.

Oil stocks remained under pressure amid decline in international oil market as index heavyweights Oil and Gas Development Company (OGDC) and Pakistan Oilfields Limited (POL) fell by 1 percent each.

After rallying in last few sessions, auto stocks also saw some profit-taking. Engro Fertilizer (EFERT) June earnings remained slightly better than expectations as the scrip gained 0.4 percent with 12 million shares.

Market volumes shrank by 13.82 percent or 46.682 million shares to 291.146 million shares on Monday as against 337.828 million shares posted on Friday, the capitalization increased by 0.21 percent or 16.216 billion rupees (162.165 million U.S. dollars) to 7.816 trillion rupees (78.167 billion U.S. dollars), whereas the trading value declined by 25.36 percent or 4.184 billion rupees ( 41.843 million U.S. dollars) to 12.316 billion rupees (123.165 million U.S. dollars).

Among 389 active scrips on Monday, prices of 230 issues advanced, 139 depleted, whereas values of 20 other companies stayed unchanged.

Silk Bank(R), Pakistan International Airlines, and Engro Fertilizer were top traded companies with turnovers of 19.462 million shares, 15.881 million shares, and 11.706 million shares, respectively.

Hinopak MotorXD was the top price gainer with increment of 59. 97 rupees (59.97 U.S. cents) to 1,259.50 rupees (12.59 U.S. dollars) while on the flip side Unilever Foods led the major price shedders with decrement of 70 rupees (70 U.S. cents) to 8,500 rupees (85 U.S. dollars).