BRIndex100 suffers erosion

Pakistan Stock Exchange Friday maintained declining trend due to selling in various sectors. BRIndex100 decreased by 11.78 points or 0.27 percent to close at 4,400.71 points. BRIndex-100 touched intraday high of 4,435.94 and intraday low of 4,381.54 points. Volumes stood at 147.011 million shares.
BRIndex30 gained 23.54 points or 0.11 percent to close at 21,927.99 points with a turnover of 103.964 million shares.
The benchmark KSE-100 index declined by 129.60 points or 0.32 percent to close at 40,920.31 points. Daily trading volumes increased to 156.759 million shares as compared to 148.992 million shares traded Thursday.
The market capitalization declined by Rs 29 billion to Rs 8.465 trillion. Out of total 367 active scrips, 179 closed in positive, 169 in negative while the value of 19 stocks remained unchanged.
Lotte Chemical was the volume leader with 16.758 million shares. It increased by Re 1.00 to close at Rs 14.44 followed by Maple Leaf that declined by Rs 1.88 to close at Rs 49.18 with 12.792 million shares.
Pak Services and Wyeth Pak were the top gainers with Rs 45.00 and Rs 32.50, respectively to close at Rs 945.00 and Rs 1,325.00. Colgate Palmolive and Murree Brewery were the top losers with Rs 116.00 and Rs 40.08, respectively to close at Rs 2,482.00 and Rs 763.82.
BR Commercial Banks Index declined by 73.85 points or 0.86 percent to close at 8,493.12 points with total turnover of 12.592 million shares.
BR Cement Index gained 28.59 points or 0.64 percent to close at 4,529.20 points with 31.755 million shares.
BR Oil and Gas Index lost 14.94 points or 0.28 percent to close at 5,256.61 points with 4.709 million shares.
BR Tech. & Comm. Index inched up 10.55 points or 0.86 percent to close at 1,234.72 points with 9.477 million shares.
BR Power Generation and Distribution Index closed at 5,785.43 points, down 13.22 points or 0.23 percent with 2.769 million shares.
Ahsan Mehanti at Arif Habib Corporation said that bearish sentiments remained amid institutional selling in select scrips across the board on concerns for uncertain economic outlook. Uncertainty over terms of revised finance bill, reports on government plans for major cut in PSDP invited selling in steel and cement stocks. He said investor concerns over unresolved circular debt crises, falling FX reserves, dismal data on auto sales for July/August '18 and foreign outflows played a catalyst role in bearish close at PSX.