Pakistan Stock Exchange witnessed a bearish trend Monday due to selling in various sectors. BRIndex100 lost 49.32 points or 1.06 percent to close at 4,588.94 points. BRIndex100 touched intraday high of 4,665.56 and intraday low of 4,581.58 points. Volumes stood at 129.918 million shares. BRIndex30 decreased by 235.04 points or 0.98 percent to close at 23,712.21 points with a turnover of 88.424 million shares. The benchmark KSE-100 index declined by 356.18 points to 42,911.02 points. Trading activity also remained thin as daily volumes decreased to 167.620 million shares as compared to 244.505 million shares traded Friday.
Foreign investors remained net sellers of shares worth $1.1 million. The market capitalization declined by Rs 37 billion to Rs 8.950 trillion. Out of total 348 active scrips, 197 closed in negative, 139 in positive while the value of 12 stocks remained unchanged.
Dost Steels was the volume leader with 22.462 million shares. However, it lost Re 0.67 to close at Rs 12.58 followed by Azgard Nine that decreased by Re 0.62 to close at Rs 17.01 with 11.587 million shares.
Bata Pak and Pak Tobacco were the top gainers with Rs 118.49 and Rs 97.38, respectively to close at Rs 2,824.99 and Rs 2,070.70. Unilever Foods and Nestle Pakistan were the top losers with Rs 400.00 and Rs 70.00, respectively to close at Rs 8,500.00 and Rs 11,900.00. BR Commercial Banks Index plunged by 60.38 points or 0.68 percent to close at 8,817.77 points with total turnover of 19.149 million shares.
BR Cement Index lost 57.96 points or 1.06 percent to close at 5,430.85 points with 8.129 million shares. BR Oil and Gas Index decreased by 70.27 points or 1.35 percent to close at 5,133.81 points with 8.231 million shares. BR Tech. & Comm. Index gained 16.17 points or 1.34 percent to close at 1,220.31 points with 16.466 million shares.
BR Power Generation and Distribution Index closed at 6,278.46 points, down 56.66 points or 0.89 percent with 2.706 million shares. An analyst at Arif Habib Corporation said that the KSE-100 index had a relatively dull session, with investor interest weaning due to host of negative news on macro-economic drivers and political uncertainty. Bearish sentiments kept the investors at bay and little activity was seen in blue chip scrips. PAEL carried on with the news of debarment by World Bank to participate in tendering for the next 33 months that is likely to affect its forward earnings.
Besides, the news of IBEX going for IPO with intention to list on NASDAQ triggered TRG to trade at upper circuit and ranked 5th among total volume leaders. The Index closed at 42,911pts as against 43,267pts on Friday, showing a decline of 356 points or 0.8 percent. Sectors contributing to this decline include Commercial Banks (down 100 points), E&P (down 97 points), Cement (down 45 points), OGMCs (down 44 points) and Textile (down 31 points).
Stocks that contributed significantly to the volumes include DSL, ANL, FFL, BAFL and TRG reflecting 39 percent of total volumes. Scripts that contributed positively include PAKT (up 25 points), TRG (up 17 points), INIIL (up 14 points), DAWH (up 10 points) and EFERT (up 7 points). Stocks that contributed negatively include PPL (down 45pts), HBL (down 43 points), OGDC (down 32 points), ENGRO (down 32 points) and LUCK (down 28 points).
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