Pakistan Stock Exchange Monday witnessed a declining trend due to selling, mainly by local investors and institutions. BRIndex100 lost 68.92 points or 1.54 percent to close at 4,407.70 points. BRIndex-100 touched intraday high of 4,463.36 and intraday low of 4,358.02 points. Volumes stood at 201.409 million shares.
BRIndex30 declined by 540.66 points or 2.3 percent to close at 22,963.32 points with a turnover of 152.681 million shares. The benchmark KSE-100 index plunged by 510.12 points or 1.21 percent to close at 41,493.97 points. Trading activity remained low as daily volumes on the ready counter decreased to 214.082 million shares as compared to 292.381 million shares traded Friday.
Foreign investors however remained net buyers of shares worth $0.2 million. The market capitalization declined by Rs 115 billion to Rs 8.273 trillion. Out of total 366 active scrips, 252 closed in negative, 102 in positive while the value of 12 stocks remained unchanged.
TRG Pak was the volume leader with 20.817 million shares. It gained Re 0.46 to close at Rs 30.99 followed by Engro Polymer that increased by Rs 1.41 to close at Rs 37.96 with 18.061 million shares.
Colgate Palmolive and Jubilee Life Ins were the top gainers with Rs 30.01 and Rs 25.00, respectively to close at Rs 2,500.00 and Rs 595.00. Pak Tobacco and Wyeth Pak were the top losers with Rs 120.50 and Rs 37.86, respectively to close at Rs 2,299.50 and Rs 1,262.14. BR Commercial Banks Index declined by 135.82 points or 1.56 percent to close at 8,557.72 points with total turnover of 17.675 million shares.
BR Cement Index plunged by 191.91 points or 3.94 percent to close at 4,675.80 points with 28.051 million shares. BR Oil and Gas Index lost 63.05 points or 1.18 percent to close at 5,285.17 points with 6.411 million shares. BR Tech. & Comm. Index gained 13.99 points or 1.18 percent to close at 1,200.96 points with 26.611 million shares.
BR Power Generation and Distribution Index closed at 6,153.28 points, down 193.9 points or 3.05 percent with 13.258 million shares. Maaz Mulla at JS Global Capital said that negativity prevailed at the local bourse as the KSE-100 index made an intraday low of minus 970 points, however, the market recovered in the second half to close at 41,494 level, down 510 points.
"The market will likely continue the similar trend until further developments on the political front are seen with regard to the Prime Minister's visit to China," he said. Moreover, Pakistan is likely to receive its first tranche of US$1bn from Saudi Arabia next week. Saudi Arabia agreed to give Pakistan $3 billion last month, when PM Khan visited the country and secured an overall $6 billion bailout package for Pakistan. Cement sector witnessed profit booking as MLCF (down 5.0 percent), DGKC (down 5.0 percent), LUCK (down 2.92 percent) and FCCL (down 4.77 percent) cumulatively lost 102 point to close lower than its previous day. Steel sector came under the hammering belt where major selling came in ISL (down 5.0 percent), MUGHAL (down 4.76 percent) and ASTL (down 4.71 percent).
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