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KARACHI: Pakistan Stock Exchange Monday witnessed a bearish trend due to heavy selling in almost all sectors by local and foreign investors.

BRIndex100 lost 74.05 points or 1.75 percent to close at 4,161.96 points. BRIndex100 hit intraday high of 4,267.19 and intraday low of 4,155.63 points. Volumes stood at 348.179 million shares.

BRIndex30 declined by 536.6 points or 2.49 percent to close at 21,039.70 points with a turnover of 262.722 million shares.

The KSE-100 Index plunged by 588.61 points or 1.44 percent and closed at 40,209.82 points. Daily trading volumes increased to 377.650 million shares as compared to 358.824 million shares traded on previous session.

Foreign investors also remained net sellers of shares worth $500,881. Total market capitalization declined by Rs 95 billion to Rs 7.507 trillion. Out of total 406 active scrips, 314 closed in negative and only 74 in positive while the value of 18 stocks remained unchanged.

Power Cement was the volume leader with 50.577 million shares however lost Rs 0.50 to close at Rs 9.02 followed by Hascol Petroleum that closed at Rs 15.63, down Rs 1.06 with 41.844 million shares. Bhanero Textile and Faisal Spinning were the top gainers increasing by Rs 66.27 and Rs 17.87 respectively to close at Rs 958.98 and Rs 300.00 while Indus Dyeing and Premier Sugar were the top losers declining by Rs 39.12 and Rs 32.98 respectively to close at Rs 507.01 and Rs 466.01.

BR Automobile Assembler Index lost 40.16 points or 0.53 percent to close at 7,546.85 points with total turnover of 7.448 million shares.

BR Cement Index plunged by 126.86 points or 2.17 percent to close at 5,717.19 points with 82.581 million shares.

BR Commercial Banks Index decreased by 62.85 points or 0.75 percent to close at 8,274.75 points with 18.258 million shares.

BR Power Generation and Distribution Index declined by 86.86 points or 1.8 percent to close at 4,736.23 points with 20.782 million shares.

BR Oil and Gas Index fell by 86.2 points or 2.17 percent to close at 3,891.57 points with 51.609 million shares.

BR Tech. & Comm. Index closed at 1,692.78 points, down 71.24 points 4.04 percent with 31.867 million shares.

Danish Ladhani at JS Global Capital said that the KSE-100 Index closed at 40,210 levels, down 589 points after touching a high and low of plus 249 and minus 649 points, respectively.

The market remained sideways with low volumes in the first half of the trading session but came under duress in the second half on the back of the rumours that FATF has delineated no relief for Pakistan.

E&Ps remained under pressure too where PPL (down 2.4 percent), OGDC (down 2.9 percent) and POL (down 0.7 percent) closed in the red zone as oil prices inched down in the international market after a Norwegian strike concluded and U.S. production resumed as Hurricane Delta weakened.

Major scrip OGDC (down 2.9 percent), HUBC (down 2.2 percent), HBL (down 1.7 percent), PPL (down 2.4 percent), LUCK (down 1.2 percent) and MLCF (down 3.8 percen0t) contributed to the negative index close.

Copyright Business Recorder, 2020

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