Equities shed more weight

A bearish trend continued on Pakistan Stock Exchange on the second consecutive day Wednesday. The benchmark KSE-100 index lost another 301.78 points to close at 51,511.41 points. Daily trading volumes stood at 371.801 million shares as compared to 377.707 million shares traded Tuesday. The market capitalization decreased by Rs 35 billion to Rs 10.161 trillion. Out of 396 active scrips, 186 closed in positive, 186 in negative while the value of 24 stocks remained unchanged.
WorldCall Telecom was the volume leader with 38.902 million shares. It gained Rs 0.27 to close at Rs 3.20 followed Dost Steels lost Rs 0.15 to close at Rs 14.82 with 25.434 million shares. Lotte Chemical inched up by Rs 0.39 to close at Rs 11.92 with 20.855 million shares.
Unilever Foods and Al-Ghazi Tractors were the top gainers with Rs 50.00 and Rs 28.88, respectively to close at Rs 6,200.00 and Rs 665.15. Nestle Pakistan and Pak Suzuki were the top losers with Rs 150.00 and Rs 29.97, respectively to close at Rs 9,650.00 and Rs 840.03. Arhum Ghous at JS Global Capital said that the KSE-100 index started on a positive note as the index made an intraday high of 135 points but soon it lost ground on evident profit-taking, where the index lost 370 points, closing down 302 points at 51,511 levels. Banking sector lead the decline in the market as index heavy-weights MCB (down 3.47 percent) and HBL (down 0.90 percent) both cumulatively contributed -104 points to the index. NRL, in the Refinery sector, lost value to close at Rs 821.66 (down 1.09 percent). AGTL, in the Auto sector, gained to close (up 4.54 percent) higher than its previous day close. The company has strengthened its business ties with CNH Industrial Italia for the next 10 years and will assemble and sell 'New Holland' CNHI tractors in Pakistan. Decline in E&P sector can be attributed to crude oil prices as they declined to trade at (WTI $48.82/bbl level). POL (down 0.88 percent) and OGDC (down 0.02 percent) were the major laggards of the aforementioned sector.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower on amid major fall in global equities and institutional profit-taking after MSCI announced results. Textile stocks outperformed on likely package in Federal Budget and FM focus on 6pc GDP growth. Inclusion of International Steel invited mid-session support. He said pre-budget uncertainty and foreign outflows played a catalyst role in bearish close.