Pakistan Stock Exchange witnessed another bearish session Monday. Investors opted to offload their holdings due to concerns over the prevailing political situation in the country. BRIndex100 declined by 95.84 points or 2.04 percent to close at 4,596.85 points. The BRIndex touched an intraday high of 4,700.14 points and an intraday low of 4,576.02 points. Total volume stood at 140.065 million shares. BRIndex30 decreased by 674.81 points and closed at 22,692.10 points with volume at 104.876 million shares.
Pakistan's benchmark KSE-100 index plunged by 925.00 points or 2.2 percent to close at lowest level of 2017 at 42,153.38 points. Trading activity on the ready counter remained very thin as daily volumes decreased to 153.157 million shares as compared to 188.136 million shares.
Foreigner s remained net sellers of shares worth $441,990. The market capitalization decreased by Rs 177 billion to Rs 8.814 trillion. Out of total 384 active scrips, 334 closed in negative, only 40 in positive while the value of 10 remained unchanged. Azgard Nine was the volume leader with 15.121 million shares however lost Rs 0.22 to close at Rs 16.04 followed by Bank of Punjab that declined by Rs 0.59 to close at Rs 9.73 with 11.416 million shares.
BR Commercial Banks Index Closed at 8,291.48 with a net negative change of -71.41 points or a percentage change of -0.85 and a total turnover of 26,879,000. BR Cement Index Closed at 6,344.09 with a net negative change of -291.7 points or a percentage change of -4.4 and a total turnover of 18,300,600. BR Oil and Gas Index closed at 4,950.01 with a net negative change of -78.69 points or a percentage change of -1.56 and a total turnover of 9,613,720.
BR Tech. & Comm. Index closed at 1,284.00 with a net negative change of -61.82 points or a percentage change of -4.59 and a total turnover of 13,403,000. BR Power Generation and Distribution Index closed at 6,731.90 with a net negative change of -178.35 points or a percentage change of -2.58 and a total turnover of 8,250,000. An analyst at Topline Securities said that the KSE-100 index stooped to fresh 2017 lows, sliding another 925 points or 2.2 percent to close at 42,153 points. "Having receded over 20 percent from its high of 52,876 points on May 24, 2017, one can safely say that our beloved KSE-100 index has officially entered bear market territory," he added.
Participants have been gripped by fear and uncertainty given the political meltdown, while economic data such as slipping FX reserves, burgeoning CAD, imminent currency risk, etc, which are now being scrutinized with electron microscopes focused only on worst possible outcomes. Meanwhile government's inaction in the form of stuck up industry refunds (textile, fertilizer etc), shelving of privatization due to 'political uncertainty'; failing to link OMC margins to CPI etc are also raising question marks on growth. Top 10 Index point decliners were LUCK (down 5.0 percent), SNGP (down 5.0 percent), PSO (down 4.1 percent), DGKC (down 5.0 percent), DAWH (down 5.0 percent), FFC (down 2.9 percent), ENGRO (down 2.4 percent), HUBC (down 2.2 percent), SEARL (down 5.0 percent) and NML (5.0 percent); withholding 402 points. On the sector front Cement shed 198 points on the back of a Rs 25/bag price cut by the second largest producer (LUCK), Fertilizer 130 points, OMC 130 points, Banks 76 points and Power 51 points; while E&P added 21 points.
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