BRIndex100 remains bearish

Bearish trend continued on Pakistan Stock Exchange due to selling in various sectors. BRIndex100 lost 29.24 points or 0.68 percent to close at 4,258.02 points on Tuesday. During the session, the BRIndex-100 touched an intraday high of 4,298.89 and an intraday low of 4,256.55 points. Total volumes stood at 83.513 million shares.
BRIndex30 decreased by 221.69 points or 0.98 percent to close at 22,495.78 points with total turnover of 61.911 million shares. KSE-100 index declined by 262.40 points or 0.65 percent and closed at 39,957.07 points. Daily trading volumes on ready counter stood at 94.392 million shares as compared to 98.841 million shares traded on Monday.
The foreign investors however remained net buyers of equities worth $1.7 million shares. Total market capitalization declined by Rs 65 billion to Rs 7.937 trillion. Out of total 322 active scrips, 223 closed in negative and only 78 in positive while the value of 21 stocks remained unchanged.
K-Electric was the volume leader with 9.679 million shares however lost Rs 0.03 to close at Rs 6.40 followed by Siddiqsons Tin that declined by Rs 1.05 to close at Rs 20.97 with 6.863 million shares. Unilever Foods and Wyeth Pak were the top gainers increasing by Rs 50.00 and Rs 25.44 respectively to close at Rs 7600.00 and Rs 1127.00 while Pak Tobacco and Pak Suzuki were the top losers declining by Rs 100.00 and Rs 14.84 respectively to close at Rs 2300.00 and Rs 282.13.
BR Commercial Banks Index decreased by 63.17 points or 0.73 percent to close at 8,565.90 points with total turnover of 9.113 million shares. BR Cement Index lost 6.79 points or 0.16 percent to close at 4,331.81 points with 9.904 million shares.
BR Oil and Gas Index declined by 26.55 points or 0.54 percent to close at 4,908.56 points with 4.783 million shares. BR Tech & Comm Index closed at 1,010.76 points, down 5.43 points or 0.53 percent with 8.503 million shares. BR Power Generation and Distribution Index plunged by 16.98 points or 0.27 percent to close at 6,305.26 points with 10.316 million shares.
An analyst at Topline Securities said that the KSE-100 index continued its downward trajectory, recording losses for a fifth consecutive session. This is on the back off rising political tension between India and Pakistan where the former has continued to threaten to take drastic action against the latter. Resultantly, the KSE-100 index broke the 40,000 level barrier after 18 sessions, closing at 39,957 level, losing 262 points. Commercial Banks, Fertilizer and Oil & Gas Exploration companies dragged the index down eating away 153 points, cumulatively.