Pakistan Stock Exchange witnessed aggressive selling due to investor concern over the prevailing political situation in the country. BRIndex100 lost 94.91 points or 2.15 percent to close at 4,309.64 points Monday. BRIndex100 touched intraday high of 4,403.84 and intraday low of 4,308.81 points. Total volumes stood at 89.250 million shares.
BRIndex30 decreased by 517.55 points or 2.38 percent to 21,237.38 points with a total turnover of 59.083 million shares. The benchmark KSE-100 index declined by 781.09 points or 1.90 percent to close at 40,324.32 points. Trading activity remained low as daily volumes on the ready counter decreased to 98.711 million shares as compared to 133.237 million shares traded Friday.
Foreign investors remained net sellers of shares worth $6.0 million. The market capitalization declined by Rs 121 billion to Rs 8.351 trillion. Out of total 373 active scrips, 283 closed in negative, only 71 in positive while the value of 19 stocks remained unchanged.
Nishat Chunian was the volume leader with 6.880 million shares. However it declined by Rs 2.70 to close at Rs 51.46 followed by Sui Northern Gas that plunged by Rs 4.49 to close at Rs 120.00 with 6.206 million shares. Colgate Palmolive and Khyber Tobacco were the top gainers with Rs 110.00 and Rs 73.99, respectively to close at Rs 2,320.00 and Rs 1,709.99. Nestle Pakistan and Wyeth Pak were the top losers with Rs 198.10 and Rs 85.78, respectively to close at Rs 11,899.50 and Rs 1,759.22.
BR Commercial Banks Index decreased by 144.35 points or 1.83 percent to close at 7,749.06 points with total turnover of 9.725 million shares. BR Cement Index declined by 197.22 points or 3.68 percent to close at 5,160.96 points with 7.744 million shares. BR Oil and Gas Index lost 45.06 points or 0.91 percent to close at 4,905.46 points with 11.008 million shares.
BR Tech. & Comm. Index closed at 1,151.66 points, down 31.33 points or 2.65 percent with 8.761 million shares. BR Power Generation and Distribution Index decreased by 113.14 points or 1.74 percent to close at 6,377.64 points with total turnover of 4.052 million shares.
Maaz Mulla at JS Global Capital said that bloodshed continued at the local bourse as aggressive selling was observed throughout the day. The index was dragged down by 781 points to close at 40,324 levels likely on continued investor skepticism regarding the political scenario in the country. The selling pressure caused decline in the cement sector where heavyweights such as LUCK (down 5 percent), KOHC (down 4.90 percent), DGKC (down 4.52 percent) and FCCL (down 4.07 percent) closed in the red trajectory on the back of weak quarter of profitability and news that Punjab government has formed a committee to probe illegal plant expansions of the existing ones to counter rising environmental concerns. In the banking space, negative sentiments were witnessed as UBL (down 3.28 percent), HBL (down 2.13 percent), BAHL (down 2.16 percent), MCB (down 2.04 percent) and NBP (down 0.98 percent) closed in the red zone, cumulatively contributing minus 175 points to the index.
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