A bearish trend continued on Pakistan Stock Exchange on the fourth consecutive day due to selling in various sectors. BRIndex100 lost another 38.25 points or 1.07 percent to close at 3,529.64 points Thursday. BRIndex100 touched intraday high of 3,591.78 and intraday low of 3,500.50 points. Volumes stood at 123.584 million shares.
BRIndex30 decreased by 173.37 points or 0.95 percent to close at 17,989.94 points with a turnover of 77.958 million shares. The KSE-100 index declined by 314.13 points or 0.92 percent and closed below 34,000 level at 33,774.43 points. Trading activity remained low as daily volumes on the ready counter decreased to 135.021 million shares as compared to 159.680 million shares traded Wednesday.
The market capitalization declined by Rs 58 billion to Rs 6.857 trillion. Out of total 326 active scrips, 175 closed in negative, 132 in positive while the value of 19 stocks remained unchanged.
K-Electric was the volume leader with 24.990 million shares. However, it lost Re 0.02 to close at Rs 4.19 followed by Pak Elektron that decreased by Re 0.48 to close at Rs 19.53 with 7.528 million shares.
Sapphire Fiber and Indus Motor Co were the top gainers with Rs 37.00 and Rs 34.38, respectively to close at Rs 782.00 and Rs 1,177.38. Philip Morris Pak and Nestle Pakistan were the top losers with Rs 198.33 and Rs 132.13, respectively to close at Rs 3,768.33 and Rs 6,666.87.
BR Automobile Assembler Index gained 9.54 points or 0.17 percent to close at 5,690.00 points with total turnover of 892,870 shares.
BR Cement Index lost 36.72 points or 1.23 percent to close at 2,952.43 points with 12.690 million shares.
BR Commercial Banks Index decreased by 40.02 points or 0.5 percent to close at 7,981.79 points with 19.783 million shares.
BR Power Generation and Distribution Index declined by 39.04 points or 0.79 percent to close at 4,922.93 points with 33.518 million shares.
BR Oil and Gas Index plunged by 49.99 points or 1.24 percent to close at 3,983.49 points with 8.585 million shares.
BR Tech. & Comm. Index closed at 769.47 points, up 1.84 points or 0.24 percent with 7.573 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks battered at PSX on economic uncertainty after Fitch comments on economic slowdown with 3.2 percent growth below government forecast of 3.3 percent. Investor sentiments remained subdued after dismal data on LSM growth for April''19. Higher global crude oil prices and 20 percent growth upbeat data on urea sales for May''19 invited late session recovery.
He said fall in rupee parity and reports of ECC approvals on 191 percent hike in gas tariff and with drawl of power subsidies next month played a catalyst role in bearish close.
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