BRIndex100 extends losses

Pakistan Stock Exchange Thursday witnessed another bearish session due to selling in various stocks. BRIndex100 lost 39.3 points or 0.97 percent to close at 4,006.08 points. BRIndex100 touched intraday high of 4,066.97 and intraday low of 3,979.81 points. Volumes stood at 74.400 million shares. BRIndex30 decreased by 343.49 points or 1.63 percent to close at 20,788.93 points with a turnover of 46.945 million shares.
KSE-100 index declined by 295.81 points or 0.77 percent to close at 38,011.63 points. Trading activity remained thin as daily volumes on the ready counter decreased to 84.248 million shares as compared to 145.627 million shares traded Wednesday. Foreign investors remained net sellers of shares worth $0.7 million. The market capitalization declined by Rs 43 billion to Rs 7.675 trillion. Out of total 351 active scrips, 228 closed in negative, only 98 in positive while the value of 25 stocks remained unchanged.
TRG Pak was the volume leader with 5.848 million shares. However, it declined by Re 0.80 to close at Rs 23.89 followed by Pak Elektron that lost Re 0.57 to close at Rs 24.99 with 4.794 million shares. Archroma Pak and Shezan International were the top gainers with Rs 27.62 and Rs 24.74, respectively to close at Rs 580.07 and Rs 519.74. Sanofi-Aventis and Bata Pak were the top losers with Rs 39.66 and Rs 39.58, respectively to close at Rs 753.67 and Rs 1,528.42.
BR Commercial Banks Index inched up by 0.69 points or 0.01 percent to close at 8,168.50 points with a turnover of 11.476 million shares. BR Cement Index lost 20.41 points or 0.48 percent to close at 4,221.68 points with 9.199 million shares.
BR Oil and Gas Index decreased by 68.66 points or 1.45 percent to close at 4,679.12 points with 6.528 million shares. BR Tech. & Comm. Index closed at 1,003.76 points, down 25.15 points or 2.44 percent with 11.007 million shares. BR Power Generation and Distribution Index plunged by 137.74 points or 2.31 percent to close at 5,837.93 points with 5.770 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed bearish amid thin trade on investor concerns for weak earning outlook. Uncertainty remained over the fate of IMF bailout package and pending circular debt crises. He said falling global crude prices, dismal data in auto sales, home remittances and exports for November 2018 and ongoing foreign outflows played a catalyst role in bearish close.