KARACHI: Despite foreign buying, Pakistan Stock Exchange Monday witnessed a bearish trend and closed in deep red due to selling by local investors in almost all sectors.
BRIndex100 decreased by 69.03 points or 1.34 percent to close at 5,079.84 points. BRIndex100 hit intraday high of 5,175.05 points and intraday low of 5,078.25 points. Volumes stood at 277.337 million shares.
BRIndex30 declined by 623.22 points or 2.42 percent to close at 25,153.38 points with total daily turnover of 189.921 million shares.
The KSE-100 Index plunged by 366.33 points or 0.77 percent to close at 47,123.62 points. Trading activity remained low as daily volumes on ready counter decreased to 337.298 million shares as compared to 499.734 million shares traded last Friday.
Foreign investors however remained net buyers of shares worth $1.296 million. Total market capitalization declined by Rs 67 billion to Rs 8.273 trillion. Out of total 469 active scrips, 372 closed in negative and only 73 in positive while the value of 24 stocks remained unchanged.
WorldCall Telecom was the volume leader with 42.228 million shares however lost Rs 0.13 to close at Rs 3.36 followed by Fauji Foods that closed at Rs 20.13, down Rs 1.62 with 17.401 million shares. Wyeth Pak and Nestle Pakistan were the top gainers increasing by Rs 47.19 and Rs 45.00 respectively to close at Rs 2004.57 and Rs 6000.00 while Colgate Palmolive and Wah-Noble were the top losers declining by Rs 100.00 and Rs 22.99 respectively to close at Rs 2800.00 and Rs 285.01.
BR Automobile Assembler Index decreased by 50.98 points or 0.52 percent to close at 9,792.92 points with total turnover of 2.321 million shares.
BR Cement Index declined by 124.78 points or 1.74 percent to close at 7,063.28 points with 15.535 million shares.
BR Commercial Banks Index lost 20.51 points or 0.22 percent to close at 9,419.74 points with 31.988 million shares.
BR Power Generation and Distribution Index fell by 61.74 points or 1.11 percent to close at 5,496.24 points 13.242 million shares.
BR Oil and Gas Index closed at 3,950.17 points, down 26.14 points or 0.66 percent with 12.395 million shares.
BR Tech. & Comm. Index plunged by 126.6 points or 2.74 percent to close at 4,487.66 points with 86.033 million shares.
An analyst at Arif Habib Limited said that the market took negative turn, primarily due to the sell-off in technology stocks. Institutional investors were on the selling side, partly due to redemptions and otherwise due to concerns on rising CAD and inflation on the back of possible tariff hike. Technology, Construction, Steel sectors declined the most, whereas other sectors also bore the brunt because of weak sentiment. A few prominent scrips that could hold ground include UBL, MCB, and POL.
Sectors contributing to the performance include Cement (down 87 points), Technology (down 69 points), Power (down 30 points), Fertilizer (down 29 points) and O&GMCs (down 25 points).
Stocks that contributed positively to the index include MCB (up 13 points), HMB (up 9 points), HINOON (up 4 points), FCEPL (up 4 points) and ABOT (up 3 points). Stocks that contributed negatively include TRG (down 55 points), LUCK (down 42 points), HUBC (down 27 points), ENGRO (down 24 points) and GHGL (down 17 points).
Copyright Business Recorder, 2021
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