A bearish trend continued on Pakistan Stock Exchange due to selling in various sectors. BRIndex100 lost another 53.01 points or 1.22 percent to close at 4,284.69 points Thursday. BRIndex-100 touched intraday high of 4,337.71 and intraday low of 4,272.75 points. Volumes stood at 98.596 million shares.
BRIndex30 decreased by 267.12 points or 1.26 percent to close at 20,892.95 points with a turnover of 68.103 million shares. The benchmark KSE-100 index declined by 473.07 points or 1.17 percent to close at 40087.12 points. Due to selling pressure, daily trading volumes increased to 110.529 million shares as compared to 89.991 million shares traded Wednesday.
The market capitalization declined by Rs 82 billion to Rs 8.250 trillion. Out of total 365 active scrips, 272 closed in negative, only 67 in positive while the value of 26 stocks remained unchanged.
Fauji Foods was the volume leader with 8.443 million shares. It gained Re 0.78 to close at Rs 32.04 followed by TRG Pak that gained Re 0.30 to close at Rs 26.95 with 8.348 million shares. Gatron Ind and Wah-Noble were the top gainers with Rs 12.65 and Rs 11.43, respectively to close at Rs 265.65 and Rs 240.21. Indus Motor Co and Service Ind. Limited were the top losers with Rs 33.67 and Rs 32.22, respectively to close at Rs 1,337.50 and Rs 700.78.
BR Commercial Banks Index plunged by 94.36 points or 1.11 percent to close at 8,430.24 points with 7.168 million shares. BR Cement Index declined by 98.4 points or 2.23 percent to close at 4,317.18 points with 8.179 million shares. BR Oil and Gas Index decreased by 45.11 points or 0.86 percent to close at 5,180.44 points with 4.224 million shares. BR Tech. & Comm. Index lost 12.14 points or 1.06 percent to close at 1,132.82 points with 10.973 million shares.
BR Power Generation and Distribution Index closed at 5,686.24 points, down 36.4 points or 0.64 percent with 3.077 million shares.
An analyst at Arif Habib Limited said that the psychological barrier of 40,000 couldn''t be sustained by the index and for a brief moment the index fell to 39,994 points. Major contributors to decline came from DGKC, PAEL, PSO, and NCL which raked some reasonable trading volume. Among the companies that lost most points include INDU and PSMC (which had foreign and local sellers) among ABOT, GSKCH and MARI. Somewhat better price performance was observed in GATI, SHFA, and ATLH, which were primarily driven by stock fundamentals than market sentiment. FFL performed better on the news of Chinese investors acquisition, whereby the deal price is estimated to be at the high end of Rs. 40/share.
Stocks that contributed positively include BAHL (up 16 points), FFBL (up 4 points), HASCOL (up 4 points), SHFA (up 4 points) and KTML (up 3 points) while scripts that contributed negatively include HBL (down 61 points), PSO (down 32 points), MCB (down 27 points), ENGRO (down 24 points) and DGKC (down 23 points).
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