KARACHI: Pakistan Stock Exchange on Friday witnessed bearish trend and closed the week on a negative note due to selling in various sectors.
BRIndex100 lost 77.81 points or 1.84 percent to close at 4,143.32 points. BRIndex100 hit intraday high of 4,238.10 and intraday low of 4,123.13 points. Volumes stood at 330.194 million shares.
BRIndex30 declined by 504.62 points or 2.36 percent to close at 20,874.12 points with a turnover of 246.632 million shares.
The KSE-100 Index plunged by 606.09 points or 1.49 percent and closed at 40,070.83 points. Trading activity also remained low as daily volumes on ready counter decreased to 348.589 million shares as compared to 371.732 million shares traded on Thursday.
The market capitalization declined by Rs 111 billion to Rs 7.538 trillion. Out of total 398 active scrips, 302 closed in negative and only 86 in positive while the value of 10 stocks remained unchanged.
Hascol Petroleum was the volume leader with 52.658 million shares however declined by Rs 1.30 to close at Rs 17.37 followed by K-Electric that lost Rs 0.11 to close at Rs 4.04 with 35.084 million shares. Indus Dyeing and Mehmood Textile were the top gainers increasing by Rs 35.00 and Rs 24.00 respectively to close at Rs 584.99 and Rs 444.00 while Ismail Industries and Bata Pak were the top losers declining by Rs 31.91 and Rs 30.49 respectively to close at Rs 403.00 and Rs 1689.51.
BR Automobile Assembler Index gained 31.85 points or 0.44 percent to close at 7,350.89 points with total turnover of 8.913 million shares.
BR Cement Index declined by 85.12 points or 1.5 percent to close at 5,589.44 points with 39.065 million shares.
BR Commercial Banks Index fell by 65.92 points or 0.79 percent to close at 8,240.71 points with 18.841 million shares.
BR Power Generation and Distribution Index closed at 4,806.45 points, down 9.05 points 0.19 percent with 42.427 million shares.
BR Oil and Gas Index plunged by 121.48 points or 3.03 percent to close at 3,886.21 points with 58.918 million shares.
BR Tech. & Comm. Index decreased by 83 points or 4.68 percent to close at 1,691.44 points with 42.007 million shares.
Danish Ladhani at JS Global Capital said that the KSE-100 index saw a bloodbath, making a low of minus 771 points and closing down 606 points, at 40,071 levels. In the later hours of the trading session, likely mutual funds redemption steamrolled the sentiments downwards.
E&Ps and Financials were the major laggards in the session where PPL (down 3.6 percent), OGDC (down 3.0 percent), POL (down 2.7 percent), HBL (down 1.2 percent), MCB (down 0.7 percent), ENGRO (down 1.3 percent), LUCK (down 1.3 percent) and PSO (down 3.2 percent) closed in the red zone. Moreover, oil in the international market was nearly 4 percent down after U.S. President Donald Trump tested positive for COVID-19, furthermore negotiations failed to agree a U.S. stimulus package. NCL (down 3.6 percent) announced its FY20 consolidated EPS of Rs 7.75/shares against Rs 16.26/share in the same period last year with a cash payout of Rs1.0/share.
Copyright Business Recorder, 2020
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