KSE-100 Index sheds more weight: BRIndex100 stays bearish

Pakistan Stock Exchange Tuesday witnessed a bearish trend as investors adopted a cautious approach over geopolitical situation. BRIndex100 lost 18.54 points or 0.57 percent to close at 3,235.77 points. BRIndex100 touched intraday high of 3,254.31 and intraday low of 3,235.77 points. Volumes stood at 46.790 million shares. BRIndex30 decreased by 97.36 points or 0.59 percent to close at 16,490.36 points with a turnover of 28.674 million shares.
The KSE-100 Index declined by 180.13 points or 0.58 percent to close at 31,000.67 points. Daily trading volumes stood at 54.322 million shares as compared to 52.009 million shares traded Monday. Foreign investors remained net sellers of shares worth $0.7 million. The market capitalization declined by Rs 37 billion to Rs 6.242 trillion. Out of total 320 active scrips, 193 closed in negative, 112 in positive while the value of 15 stocks remained unchanged.
Maple Leaf was the volume leader with 4.867 million shares. It gained Re 0.15 to close at Rs 17.18 followed by K-Electric that lost Re 0.07 to close at Rs 3.22 with 3.115 million shares. Ismail Industries and Hinopak Motor were the top gainers with Rs 14.90 and Rs 11.90, respectively to close at Rs 379.90 and Rs 295.00. Colgate Palmolive and Sapphire Fiber were the top losers with Rs 94.99 and Rs 46.00, respectively to close at Rs 1,805.00 and Rs 900.00. BR Automobile Assembler Index decreased by 63.38 points or 1.23 percent to close at 5,086.17 points with total turnover of 849,920 shares.
BR Cement Index inched up by 0.24 points or 0.01 percent to close at 2,706.78 points with 7.843 million shares.
BR Commercial Banks Index declined by 81.46 points or 1.08 percent to close at 7,444.09 points with 4.323 million shares. BR Power Generation and Distribution Index plunged by 70.22 points or 1.64 percent to close at 4,221.74 points with 6.168 million shares. BR Oil and Gas Index lost 15.15 points or 0.42 percent to close at 3,583.00 points with 7.749 million shares.
BR Tech. & Comm. Index gained 0.6 points or 0.09 percent to close at 658.14 points with 4.767 million shares. Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower amid pressure on escalation of tension in Kashmir impacting Pak-India relations. He said midsession support witnessed on institutional interest in oversold banking and cement stocks. He said weak global stocks, foreign outflows, concerns over outcome of FATF decisions, fiscal imbalances played a catalytic role in bearish close.