KARACHI: A bearish trend continued and Pakistan Stock Exchange on the fourth consecutive session due to heavy selling by local and foreign investors.
The KSE-100 index plunged by 427.95 points or 0.96 percent to close below 44,000 psychological level at 43,935.75 points Thursday. Trading activity remained very low as daily volumes on ready counter decreased to 195.174 million shares as compared to 310.388 million shares traded on Wednesday.
BRIndex100 decreased by 50.78 points or 1.12 percent to close at 4,494.69 points with total daily turnover of 157.891 million shares.
BRIndex30 declined by 99.76 points or 0.54 percent to close at 18,301.56 points with total daily trading volumes of 88.761 million shares.
Foreign investors also remained net sellers of shares worth $9.497 million. Total market capitalization declined by Rs 53 billion to Rs 7.574 trillion. Out of total 328 active scrips, 185 closed in negative and 121 in positive while the value of 22 stocks remained unchanged.
TPL Properties was the volume leader with 16.327 million shares and gained Rs 0.34 to close at Rs 42.73 followed by Byco Petroleum that inched up by Rs 0.12 to close at Rs 6.44 with 12.229 million shares.
Nestle Pakistan and Blessed Textile were the top gainers increasing by Rs 41.99 and Rs 26.80 respectively to close at Rs 5602.00 and Rs 488.90 while Unilever Foods and Sanofi-Aventis were the top losers declining by Rs 500.00 and Rs 48.00, respectively to close at Rs 19000.00 and Rs 592.00.
Mohammad Waqar Iqbal at JS Global Capital said that the market saw continuation of selling pressure from previous sessions. Foreign selling kept the market under pressure which led the index to decline by 428 points to close at the level of 43,936.
BR Automobile Assembler Index lost 30.05 points or 0.35 percent to close at 8,500.67 points with total turnover of 3.049 million shares.
BR Cement Index decreased by 68.45 points or 1.21 percent to close at 5,600.40 points with 9.962 million shares.
BR Commercial Banks Index declined by 126.83 points or 1.26 percent to close at 9,945.25 points with 19.483 million shares.
BR Power Generation and Distribution Index plunged by 123.05 points or 2.29 percent to close at 5,257.11 points with 14.153 million shares.
BR Oil and Gas Index fell by 33.6 points or 0.91 percent to close at 3,662.91 points with 13.712 million shares.
BR Tech. & Comm. Index closed at 3,780.34 points, down 7.71 points or 0.2 percent with 27.795 million shares.
Ahsan Mehanti at Arif Habib Corporation said that the stocks close under pressure on concerns for surging bond yields, reports of over Rs 50 trillion government debt burden and the rupee instability.
He said uncertainty over terms of resumed IMF program, terms of mini budget on taxes, PSDP, petroleum development levies played a catalytic role in bearish close.
Copyright Business Recorder, 2021s
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