KARACHI: Pakistan Stock Exchange Wednesday witnessed a bearish trend due to selling, mainly by local investors following concerns over increasing coronavirus cases in the country. BRIndex100 decreased by 69.24 points or 1.34 percent to close at 5,099.91 points. BRIndex100 hit intraday high of 5,189.14 points and intraday low of 5,091.07 points. Volumes stood at 294.525 million shares.
BRIndex30 plunged by 724.45 points or 2.73 percent to close at 25,791.11 points with a turnover of 197.724 million shares.
The KSE-100 Index declined by 368.96 points or 0.77 percent to close at 47,318.03 points. Trading activity remained low as daily volumes on ready counter decreased to 365.776 million shares as compared to 432.626 million shares traded Tuesday.
Foreign investors however remained net buyers of shares worth $458,572. Total market capitalization declined by Rs 56 billion to Rs 8.279 trillion. Out of total 432 active scrips, 329 closed in negative and only 91 in positive while the value of 12 stocks remained unchanged.
WorldCall Telecom was the volume leader with 40.378 million shares however lost Rs 0.17 to close at Rs 3.57 followed by Byco Petroleum that closed at Rs 9.90, down Rs 0.16 with 26.892 million shares. Colgate Palmolive and Gatron Industries were the top gainers increasing by Rs 93.98 and Rs 35.50 respectively to close at Rs 2787.98 and Rs 563.00 while Wyeth Pak and Mehmood Textile were the top losers declining by Rs 44.85 and Rs 39.81 respectively to close at Rs 2031.15 and Rs 504.00.
BR Automobile Assembler Index decreased by 84.14 points or 0.85 percent to close at 9,863.79 points with total turnover of 7.406 million shares.
BR Cement Index fell by 63.72 points or 0.88 percent to close at 7,204.66 points with 12.513 million shares.
BR Commercial Banks Index lost 32.73 points or 0.35 percent to close at 9,318.92 points with 16.822 million shares.
BR Power Generation and Distribution Index declined by 57.2 points or 1.01 percent to close at 5,582.73 points with 15.766 million shares.
BR Oil and Gas Index closed at 3,957.14 points, down 24.35 points or 0.61 percent with 22.680 million shares.
BR Tech. & Comm. Index plunged by 129.95 points or 2.74 percent to close at 4,607.17 points with 96.088 million shares.
An analyst at Arif Habib Limited said that the market tumbled in later part of the session, which brought the index down by more than 400 points and closed the session down 369 points.
Concerns over latest Covid lockdown and probe by the regulator on account of unusual price movement in certain stocks brought the market under selling pressure and became the major reasons for sentiment weakness. Earlier part of the session saw institutional investors building positions in Cement and Steel sectors that caused the pertinent scrips to show healthy price uptick, however, later activity in the market brought the stock prices down.
Stocks that contributed positively to the index include KTML (up 24 points), MEBL (up 14 points), COLG (up 14 points), PAKT (up 4 points) and DAWH (up 4 points). Stocks that contributed negatively include TRG (down 73 points), UNITY (down 25 points), NRL (down 17 points), HUBC (down 16 points) and LUCK (down 16 points).
Copyright Business Recorder, 2021
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