KARACHI: A bearish trend continued on Pakistan Stock Exchange Wednesday due to absence of any positive trigger besides selling by local and foreign investors.
BRIndex100 lost 16.79 points or 0.34 percent to close at 4,979.06 points. BRIndex100 hit intraday high of 5,007.71 points and intraday low of 4,945.67 points. Volumes stood at 273.949 million shares.
BRIndex30 decreased by 96.7 points or 0.4 percent to close at 24,232.59 points with a turnover of 160.389 million shares.
The KSE-100 Index declined by 174.62 points or 0.37 percent and closed at 46,716.72 points. Trading activity remained thin as daily volumes on ready counter decreased to 332.788 million shares as compared to 479.793 million shares traded Tuesday.
Foreign investors remained net sellers of shares worth $2.351 million. Total market capitalization declined by Rs 24 billion to Rs 8.151 trillion. Out of total 518 active scrips, 329 closed in negative and 161 in positive while the value of 28 stocks remained unchanged.
TPL Corp was the volume leader with 29.622 million shares and increased by Rs 1.68 to close at Rs 24.67 followed by Telecard Limited that declined by Rs 1.19 to close at Rs 23.17 with 28.258 million shares. Allawasaya Textile and Wyeth Pak were the top gainers increasing by Rs 116.84 and Rs 28.00 respectively to close at Rs 1674.93 and Rs 1678.00 while Bhanero Textile and Nestle Pakistan were the top losers declining by Rs 80.00 and Rs 54.51 respectively to close at Rs 1020.00 and Rs 6100.50.
BR Automobile Assembler Index lost 33.91 points or 0.37 percent to close at 9,230.92 points with total turnover of 2.590 million shares.
BR Cement Index declined by 111.68 points or 1.73 percent to close at 6,347.91 points with 18.526 million shares.
BR Commercial Banks Index gained 38.25 points or 0.4 percent to close at 9,581.36 points with 22.183 million shares.
BR Power Generation and Distribution Index fell by 11.75 points or 0.21 percent to close at 5,587.02 points with 10.459 million shares.
BR Oil and Gas Index decreased by 19.75 points or 0.52 percent to close at 3,813.55 points with 10.128 million shares.
BR Tech. & Comm. Index closed at 5,139.72 points, up 1.91 points or 0.04 percent with 94.789 million shares.
An analyst at Arif Habib Limited said that the market continued the downtrend following the slippage in PKR parity with USD that deteriorated further to touch 169.70 in interbank and crossed 170 in open market.
Unabated foreign selling coincided with local mutual funds disposing positions on the pretext of redemptions. Cement, E&P, O&GMCs, Refinery sectors bore the brunt of persistent selling. Limited buying interest was observed in Technology stocks which came down in the past couple of sessions.
Sectors contributing to the performance include Cement (down 83 points), Textile (down 22 points), Pharma (down 21 points), E&P (down 20 points) and Banks (up 45 points).
Stocks that contributed positively to the index include UBL (up 30 points), TRG (up 22 points), FFBL (up 15 points), BAHL (up 15 points) and FABL (up 12 points). Stocks that contributed negatively include MLCF (down 21 points), HMB (down 18 points), SYS (down 17 points), AGP (down 17 points) and MEBL (down 16 points).
Copyright Business Recorder, 2021
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