A bearish trend continued on Pakistan Stock Exchange due to selling pressure. The market closed at the lowest level of 2017 on Tuesday. BRIndex100 lost 52.04 points or 1.29 percent to 3,994.73 points. BRIndex100 touched intraday high of 4,050.90 and intraday low of 3,981.26 points. Volumes stood at 97.238 million shares.
BRIndex30 decreased by 169.69 points or 0.85 percent to close at 19,905.88 points with a turnover of 69.305 million shares. The benchmark KSE-100 index declined by 464.56 points to 37,919.42 points. Trading activity improved as daily volumes increased to 108.555 million shares as compared to 50.045 million shares traded Monday.
The market capitalization decreased by Rs 79 billion to Rs 8.121 trillion. Out of total 340 active scrips, 271 closed in negative, only 50 in positive while the value of 19 stocks remained unchanged.
WorldCall Telecom was the volume leader with 15.785 million shares. It gained Re 0.03 to close at Rs 2.90 followed by K-Electric that lost Re 0.04 to close at Rs 6.04 with 11.053 million shares. Colgate Palmolive and Bhanero Textile were the top gainers with Rs 90.00 and Rs 33.07, respectively to close at Rs 2,840.00 and Rs 694.58. Wyeth Pak and Sanofi-Aventis were the top losers with Rs 72.20 and Rs 52.20, respectively to close at Rs 1,371.80 and Rs 1,153.81.
BR Commercial Banks Index gained 3.25 points or 0.04 percent to close at 7,444.81 points with total turnover of 6.490 million shares. BR Cement Index lost 84.43 points or 1.88 percent to close at 4,396.78 points with total volumes of 11.367 million shares. BR Oil and Gas Index decreased by 95.27 points or 1.97 percent to close at 4,737.92 points with 4.485 million shares.
BR Tech. & Comm. Index closed at 1,021.05 points, down 29.73 points or 2.83 percent with 27.530 million shares. BR Power Generation and Distribution Index plunged by 96.4 points or 1.57 percent to close at 6,027.39 points 13.257 million shares.
An analyst at Topline Securities said that the market witnessed its lowest closing of 2017 as investors preferred to sell stocks due to prevailing political uncertainty where political parties appear to be heading for street clashes. In absence of any triggers and ongoing political uncertainty market crashed by 465 points or 1.2 percent and closed below 38,000 points level for the first time since June 2016.
Top index points decliners were DAWH (down 3.9 percent), SNGP (down 4.9 percent), HUBC (down 2.1 percent), KAPCO (down 5.0 percent) and MARI (down 3.6 percent) that withheld 134 points while stocks including HBL (up 1.0 percent), UBL (up 1.3 percent), LUCK (up 1.2 percent), COLG (up 3.3 percent) and PGF (up 5.0 percent) added 74 points. On sector front, E&P shed 74 points, OMCs shed 73 points, Power and Fertilizers were down 61 points each, Cement was down 49 points, Engineering 23 points, Tech 21 points, Refineries 19 points whereas Banks gained 14 points.
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