Another lackluster session was witnessed at Pakistan Stock Exchange (PSX) Wednesday, mainly due to political uncertainty. BRIndex100 declined by 13.55 points or 0.34 percent to close at 3,999.30 points down from 4,012.85 points Monday. BRIndex100 touched intraday high of 4,017.61 points and intraday low of 3,993.81 points. Volume stood at 77.097 million at BRIndex100. K-Electric was the most traded company with a volume of 12.75 million shares.
BRIndex30 opened at 21,250.83 points. It touched intraday high of 21,362.79 points and intraday low of 21,236.68 points to close at 21,279.24 points, which was 28.41 points or 0.13 percent higher than previous close. Volume stood at 55.862 million.
The benchmark KSE-100 index closed at 38,218 points, down by 91 points. Daily trading volumes was 88.56 million compared to 74.65 million shares Monday. The market capitalization decreased by Rs 10 billion to Rs 7.817 trillion. Out of total 340 active scrips, some 177 closed positive, 137 negative while the value of 26 stocks remained unchanged.
Analysts said the market has gradually slowed in the past couple of sessions, which is pretty evident from thin volumes and lack of interest from investors. Wednesday was no different, when the total volume traded couldn''t cross 90 million shares. Stocks traded in narrow ranges, especially HBL, UBL, DGKC, LUCK, MLCF, which were the victims last week due to FTSE rebalancing fears. News of increase in cement price per bag in North circulated during the session, however, North-bound cement sector scrips did not show any serious impact, they added.
Ahsan Mehanti, Director Arif Habib said stocks closed bearish amid pressure in oil, banking and cement scrips on weak earnings outlook. While, investor concerns remained on uncertainty over the terms of IMF bailout package, he added.
He said foreign outflows, falling global crude prices, reports of $40bn CPEC debt, dividends commitments and security unrest in the city played a catalytic role in bearish close at PSX. K-Electric emerged the volume leader with 12.75 million shares. It gained Re 0.01 to close at Rs 6.04 followed by Aisha Steel Mills that surged by Re 0.35 to close at Rs 10.38 with 4.45 million shares. Sui North Gas ranked third with 4.16 million shares volume and closed at Rs 81.29, Re. 2.
Rafhan Maize and Philips were the top gainers with Rs 230.00 and Rs 156.00, respectively to close at Rs 6,850.00 and Rs 3,456.00. Bata (Pak) were the top losers with Rs 38.00 and Rs 32.94, respectively to close at Rs 1,510.0 and Rs 808.084.
BR Commercial Banks Index closed at 8,110.41 points with a net negative change of -45.32 points or a percentage change of -0.56 and a total turnover of 9,915,700. BR Cement Index Closed at 4,293.97 points with a net negative change of -2.43 points or a percentage change of -0.06 and a total turnover of 7,307,750.
BR Oil and Gas Index closed at 4,530.84 points with a net negative change of -40.06 points or a percentage change of -0.88 and a total turnover of 7,808,120.
BR Tech. & Comm. Index closed at 1,011.90 points with a net negative change of -0.95 points or a percentage change of -0.09 and a total turnover of 5,388,600. BR Power Generation and Distribution Index closed at 6,041.07 points with a net negative change of -8.21 points or a percentage change of -0.14 and a total turnover of 14,250,500.
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