KARACHI: Pakistan Stock Exchange on Tuesday witnessed bearish trend and closed in deep red due to across the board selling by both local and foreign investors.
BRIndex100 decreased by 73.17 points or 1.48 percent to close at 4,883.03 points. During the session, the BRIndex100 hit intraday high of 4,997.51 points and intraday low of 4,860.65 points. Total volumes stood at 288.220 million shares.
BRIndex30 declined by 408.97 points or 1.68 percent to close at 23,997.65 points with total daily turnover of 182.007 million shares.
KSE-100 index plunged by 519.36 points or 1.12 percent and closed at 46,008.85 points. Daily trading volumes on ready counter however improved to 325.882 million shares as compared to 194.720 million shares traded on Monday.
The foreign investors also remained net sellers of shares worth $751,824. Total market capitalization declined by Rs 96 billion to Rs 7.997 trillion. Out of total 519 active scrips, 398 closed in negative and 103 in positive while the value of 18 stocks remained unchanged.
Telecard Limited was the volume leader with 28.116 million shares and gained Re 0.05 to close at Rs 22.06 followed by WorldCall Telecom that closed at Rs 3.11, down Re 0.08 with 26.432 million shares. Nestle Pakistan and Colgate Palmolive were the top gainers increasing by Rs 104.99 and Rs 40.10 respectively to close at Rs 5910.00 and Rs 2438.08 while Pak Tobacco and Gatron Industries were the top losers declining by Rs 41.00 and Rs 32.99 respectively to close at Rs 1155.00 and Rs 480.01.
BR Automobile Assembler Index declined by 123.49 points or 1.34 percent to close at 9,071.11 points with total turnover of 2.209 million shares.
BR Cement Index plunged by 158.39 points or 2.54 percent to close at 6,085.59 points with 19.964 million shares.
BR Commercial Banks Index decreased by 46.31 points or 0.48 percent to close at 9,560.33 points with 40.952 million shares.
BR Power Generation and Distribution Index lost 17.79 points or 0.32 percent to close at 5,537.40 points with 13.094 million shares.
BR Oil and Gas Index closed at 3,764.08 points, down 31.42 points or 0.83 percent with 10.823 million shares.
BR Tech & Comm Index fell by 112.16 points or 2.17 percent to close at 5,046.62 points with 102.115 million shares.
An analyst at Arif Habib Limited said the market posted an increase of 305 points during the session early on, however lost that gain and by the end of session lost a total of 1055 points (including the erosion of 305 points earned earlier). Market on Close (MoC) saw steep decline with the index seeing close at negative 519 points.
Selling was witnessed across the board, with heavy implication on Technology and Cement sectors. Despite low leverage level in the market in DFC, MTS and MFS segments, index melted due to calls of redemption at Mutual Funds. Regardless of the steep decline in Index, overall trading volumes remained low comparative to the hay days seen in outgoing fiscal.
Sectors contributing to the performance include Cement (down 101 points), Technology (down 81 points), Banks (down 45 points), Fertilizer (down 39 points) and E&P (down 34 points).
Stocks that contributed positively to the index include HMB (up 18 points), MCB (up 18 points), BAFL (up 14 points), ANL (up 14 points) and COLG (up 7 points). Stocks that contributed negatively include SYS (down 53 points), MEBL (down 37 points), HBL (down 34 points), LUCK (down 32 points) and TRG (down 23 points).
Copyright Business Recorder, 2021
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