A bearish trend continued on Pakistan Stock Exchange due to selling in almost all sectors by local and foreign investors. BRIndex100 lost 63.51 points or 1.39 percent to close at 4,518.77 points on Thursday. BRIndex100 touched intraday high of 4,584.85 and intraday low of 4,493.66 points. Volumes stood at 130.717 million shares.
BRIndex30 declined by 415.24 points or 1.8 percent to close at 22,655.26 points with a turnover of 88.410 million shares. The benchmark KSE-100 index plunged by 485.76 points or 1.14 percent and closed at 41,960.80 points. Daily trading volumes on the ready counter decreased to 142.178 million shares as compared to 145.252 million shares traded on Wednesday.
Foreign investors remained net sellers of shares worth $1.2 million. Total market capitalization declined by Rs 85 billion to Rs 8.619 trillion. Out of total 375 active scrips, 278 closed in negative and only 77 in positive while the value of 20 stocks remained unchanged.
Descon Oxychem was the volume leader with 8.924 million shares. It gained Re 0.52 to close at Rs 22.97 followed by Pak Elektron that declined by Rs 1.76 to close at Rs 34.61 with 8.854 million shares. Jubilee Life Ins and Murree Brewery were the top gainers with Rs 20.00 and Rs 17.50, respectively to close at Rs 660.00 and Rs 777.50. Rafhan Maize and Bata Pak were the top losers with Rs 221.17 and Rs 65.47, respectively to close at Rs 7,503.83 and Rs 1,832.51.
BR Commercial Banks Index decreased by 105.07 points or 1.21 percent to close at 8,572.28 points with total turnover of 14.536 million shares. BR Cement Index declined by 119.55 points or 2.4 percent to close at 4,866.73 points with 16.468 million shares.
BR Oil and Gas Index lost 38.43 points or 0.72 percent to close at 5,323.38 points with 7.295 million shares. BR Tech. & Comm. Index closed at 1,260.87 points, down 22.28 points or 1.74 percent with 8.970 million shares. BR Power Generation and Distribution Index plunged by 58.11 points or 0.97 percent to close at 5,920.92 points with 7.900 million shares.
Danish Ladhani at JS Global Capital said the local bourse continued its downward trajectory after another bleak session as the index made an intraday low and high of minus 696 points and plus 37 points, respectively, to close down at 41,961, down 486 points levels.
Market came under pressure sailing in line with its regional peers where Asian markets declined on the back worries over global growth with economic slowdown in China. On the economic front, Pakistan''s total debt and liabilities have pushed up sharply and touched at Rs 29.861 trillion. All the major sectors closed in the red where DGKC (down 4.5 percent), MLCF (down 4.1 percent) and PIOC (down 4.4 percent) in the Cements closed near their respective lower circuits. Moreover, in the Financials, HBL (down 3.0 percent), MCB (down 1.3 percent), and UBL (down 1.2 percent) closed down negative. BAHL (down 0.6 percent) announced its 1H2018 consolidated EPS of Rs 3.79, with no payout whereas AKBL (up 3.1 percent) closed positive as the bank announced its 1H2018 unconsolidated EPS of Rs 2, with no payout. Moreover, in the Fertilizers, ENGRO (down 2.4 percent) reported 1H2018 consolidated EPS at Rs 11.63, up 61 percent with interim dividend of Rs 7/share.
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