A bearish trend continued on Pakistan Stock Exchange due to selling by local and foreign investors. BRIndex100 lost 53.51 points or 1.45 percent to close at 3,636.47 points on Tuesday. BRIndex100 touched intraday high of 3,691.67 and intraday low of 3,630.91 points. Volumes stood at 97.701 million shares.
BRIndex30 decreased by 251 points or 1.33 percent to close at 18,565.86 points with a turnover of 74.554 million shares.
The KSE-100 Index declined by 487.10 points or 1.39 percent to close at 34,681.72 points. Trading activity also remained low as daily volumes on the ready counter decreased to 104.130 million shares as compared to 128.136 million shares traded Monday.
Foreign investors remained net sellers of equities worth $2.9 million. The market capitalization declined by Rs 82 billion to Rs 6.991 trillion. Out of total 319 active scrips, 239 closed in negative, only 61 in positive while the value of 19 stocks remained unchanged.
Maple Leaf was the volume leader with 14.727 million shares. However, it lost Rs 1.09 to close at Rs 25.29 followed by TRG Pak that declined by Re 0.82 to close at Rs 16.93 with 7.331 million shares.
Pak Tobacco and Sunrays Textile were the top gainers with Rs 23.71 and Rs 9.18, respectively to close at Rs 2592.71 and Rs 196.18. Unilever Foods and Nestle Pakistan were the top losers with Rs 286.25 and Rs 237.70, respectively to close at Rs 5,438.75 and Rs 6,752.29.
BR Commercial Banks Index decreased by 61.05 points or 0.74 percent to close at 8,171.13 points with a turnover of 7.025 million shares.
BR Cement Index declined by 87.5 points or 2.69 percent to close at 3,162.28 points with 27.890 million shares.
BR Oil and Gas Index plunged by 80.38 points or 1.94 percent to close at 4,071.47 points with 9.122 million shares.
BR Tech. & Comm. Index lost 20.98 points or 2.59 percent to close at 789.90 points with 11.546 million shares.
BR Power Generation and Distribution Index closed at 4,823.76 points, down 90.83 points or 1.85 percent with 5.957 million shares.
BR Automobile Assembler Index plunged by 142.19 points or 2.36 percent to close at 5,883.69 points with 493,850 shares.
An analyst at Arif Habib Limited said that the market repeated Monday's episode of decline in index, which was primarily caused by concerns over the delay in activation of State Enterprise & Market Opportunity Funds, MSCI and FTSE Reviews.
Activity was slow and investors maintained cautious stance. Selling pressure was mainly observed in banks and E&P sector, which spread to cement sector by the end of session. Cement sector saw price gains on the back of another increase of Rs 15-20 in price/bag, which couldn't sustain selling pressure. MLCF, which topped the volumes chart, ended 5.0 percent down. Overall, cement sector led the volumes with 28 million shares, followed by Technology stocks (mainly TRG).
Sectors contributing to the performance include banks (down 79 points), Fertilizer (down 76 points), E&P (down 65 points), Cement (down 59 points) and O&GMCs (down 55 points).
Stocks that contributed positively include PAKT (up 6 points), OGDC (up 5 points), GATM (up 3 points), AICL (up 2 points) and AGP (up 2 points). Stocks that contributed negatively include MCB (down 31 points), PPL (down 28 points), MARI (down 26 points), NESTLE (down 23 points) and FFC (down 23 points).
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