KARACHI: A bearish trend continued on Pakistan Stock Exchange due to across-the-board selling pressure on Wednesday.
The stock market fall has wiped out the whole 2021 gains and the index is back to the level of December 31, 2020, analysts said.
BRIndex100 decreased by 73.46 points or 1.55 percent to close at 4,672.28 points. BRIndex100 hit intraday high of 4,771.57 and intraday low of 4,657.63 points. Volumes stood at 334.766 million shares.
BRIndex30 declined by 562.76 points or 2.31 percent to close at 23,749.66 points with a turnover of 225.784 million shares.
The KSE-100 Index plunged by 531.23 points or 1.20 percent to close at current calendar year lowest level of 43,691.68 points. Trading activity also remained thin as daily volumes on the ready counter decreased to 363.243 million shares as compared to 492.314 million shares traded Tuesday.
Foreign investors however remained net buyers of shares worth $596,535. The market capitalization declined by Rs 99 billion to Rs 7.831 trillion. Out of total 397 active scrips, 271 closed in negative and 110 in positive while the value of 16 stocks remained unchanged.
TRG Pak was the volume leader with 38.162 million shares however declined by Rs 7.08 to close at Rs 130.08 followed by Unity Foods that closed at Rs 27.33, down Rs 1.54 to close at Rs 27.33 with 25.040 million shares. Bata Pak and Colgate Palmolive were the top gainers increasing by Rs 37.43 and Rs 36.82 respectively to close at Rs 2170.28 and Rs 2750.00 while Rafhan Maize and Pak Tobacco were the top losers declining by Rs 500.00 and Rs 69.75 respectively to close at Rs 9700.00 and Rs 1500.15.
BR Automobile Assembler Index declined by 166.89 points or 2.01 percent to close at 8,149.61 points with total turnover of 5.247 million shares.
BR Cement Index decreased by 71.59 points or 1.04 percent to close at 6,821.77 points with 40.371 million shares.
BR Commercial Banks Index lost 24.7 points or 0.29 percent to close at 8,542.26 points with 24.438 million shares.
BR Power Generation and Distribution Index fell by 88.08 points or 1.58 percent to close at 5,499.57 points with 13.335 million shares.
BR Oil and Gas Index closed at 4,014.38 points, down 35.78 points or 0.88 percent with 16.414 million shares.
BR Tech. & Comm. Index plunged by 185.25 points or 5.33 percent to close at 3,288.70 points with 73.106 million shares
An analyst at Arif Habib Limited said that the market continued the downtrend by shedding a total of 602 points during the session and closed 531 points down.
Anticipation of government’s withdrawal of tax exemption in the wake of the IMF program, increase in electricity tariff and deferment of increase in petroleum prices have investors selling positions across the board with pressure points in Tech, Cement, Steel and O&GMC sectors. Redemptions from Mutual Funds and insurance companies maintained the selling pressure on stocks.
Sectors contributing to the performance include Technology (down 130 points), Cement (down 60 points), Fertilizer (down 52 points), Power (down 46 points) and O&GMCs (down 32 points).
Stocks that contributed positively to the index include UBL (up 12 points), MEBL (up 11 points), AICL (up 11 points), BAHL (up 10 points) and FCCL (up 8 points). Stocks that contributed negatively include TRG (down 76 points), SYS (down 52 points), LUCK (down 43 points), HUBC (down 35 points) and HBL (down 31 points).
Copyright Business Recorder, 2021
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