Pakistan Stock Exchange Wednesday remained under heavy pressure due to panic selling on Pak-India border tensions. BRIndex100 lost 20.58 points or 0.5 percent to close at 4,096.78 points. BRIndex100 touched intraday high of 4,115.92 and intraday low of 3,940.24 points. Volumes stood at 257.298 million shares.
BRIndex30 decreased by 306.29 points or 1.45 percent to close at 20,826.55 points with a turnover of 192.355 million shares. The KSE-100 declined by 128.98 points or 0.33 percent to close at 38,692.69 points. Due to selling pressure, daily volumes on the ready counter increased to 273.685 million shares as compared to 161.891 million shares traded Tuesday.
The market capitalization declined by Rs 25 billion to Rs 7.747 trillion. Out of total 370 active scrips, 290 closed in negative, 72 in positive while the value of only 8 stocks remained unchanged.
Bank of Punjab was the volume leader with 35.079 million shares. However, it lost Re 0.14 to close at Rs 12.24 followed by K-Electric that closed at Rs 5.87, down Re 0.17 with 19.816 million shares.
Pak Tobacco and Millat Tractors were the top gainers with Rs 101.28 and Rs 12.96, respectively, to close at Rs 2,516.28 and Rs 838.06. Rafhan Maize and Bata Pak were the top losers with Rs 100.00 and Rs 74.01, respectively to close at Rs 7,100.00 and Rs 1,531.00.
BR Commercial Banks Index lost 6.76 points or 0.08 percent to close at 8,339.75 points with total turnover of 47.546 million shares. BR Cement Index declined by 47.03 points or 1.12 percent to close at 4,134.27 points with 33.083 million shares. BR Oil and Gas Index decreased by 21.88 points or 0.45 percent to close at 4,813.88 points with 13.556 million shares.
BR Tech. & Comm. Index closed at 942.88 points, down 22.38 points or 2.32 percent with 18.370 million shares.
BR Power Generation and Distribution Index plunged by 76.2 points or 1.28 percent to close at 5,883.57 points with 24.319 million shares.
An analyst at Arif Habib Limited said that the market tanked again following the steep decline from 41,767 points and reached another significant decline of 1491 points, taking the index down to 37,330 points, which is virtually the same level it was before the past rally.
Scrips, all and sundry went down in the crisis of confidence which was caused by the border confrontation with India and heightened tensions due to taking down of Indian planes by Pakistan Air Force. Several leveraged positions are believed to have become a casualty of steep decline. Recovery settled after DG ISPR's press conference, which further gained ground after PM's address in the closing half hour.
Sectors contributing to the performance include O&GMCs (down 25 points), Cement (down 20 points), Autos (down 18 points), Pharma (down 17 points), Technology (down 12 points) and Tobacco (up 27 points).
Stocks that contributed positively include PAKT (up 27 points), PPL (up 26 points), HBL (up 16 points), BAHL (up 11 points) and MEBL (up 10 points). Stocks that contributed negatively include MCB (down 25 points), OGDC (down 19 points), INDU (down 12 points), KEL (down 10 points) and HASCOL (down 9 points).
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