Despite foreign buying, Pakistan Stock Exchange closed in deep red due to heavy selling by local investors. BRIndex100 lost 53.61 points or 1.38 percent to close at 3,830.96 points. BRIndex-100 touched intraday high of 3,885.55 and intraday low of 3,795.92 points. Volumes stood at 110.398 million shares.
BRIndex30 decreased by 317 points or 1.61 percent to close at 19,410.84 points with a turnover of 81.619 million shares. The KSE-100 index declined by 497.66 points or 1.35 percent to close at 36,404.03 points. Trading activity further reduced as daily volumes on the ready counter decreased to 119.605 million shares as compared to 125.964 million shares traded Monday.
Foreign investors however remained net buyers of shares worth $4.3 million. The market capitalization declined by Rs 93 billion to Rs 7.399 trillion. Out of total 330 active scrips, 251 closed in negative, only 62 in positive while the value of 17 stocks remained unchanged. Lotte Chemical was the volume leader with 11.995 million shares. It gained Re 0.08 to close at Rs 16.16 followed by K-Electric that lost Re 0.12 to close at Rs 4.69 with 9.877 million shares. Unilever Foods and Murree Brewery were the top gainers with Rs 94.44 and Rs 11.91, respectively to close at Rs 6,594.44 and Rs 781.00. Philip Morris Pak and Bata were the top losers with Rs 165.62 and Rs 40.50, respectively to close at Rs 3,146.86 and Rs 1,630.00.
BR Commercial Banks Index decreased by 48.49 points or 0.6 percent to close at 8,089.85 points with total turnover of 12.648 million shares. BR Cement Index declined by 84.42 points or 2.51 percent to close at 3,279.86 points with 19.329 million shares. BR Oil and Gas Index closed at 4,477.60 points, down 68.12 points or 1.5 percent with 13.571 million shares.
BR Tech. & Comm. Index lost 16.27 points or 1.89 percent to close at 844.08 points with 8.519 million shares. BR Power Generation and Distribution Index plunged by 75.6 points or 1.47 percent to close at 5,050.41 points with 12.602 million shares.
An analyst at Topline Securities said that the KSE-100 index closed at 36,404 points, down 1.35 percent, which is its lowest position since May 31, 2016 (nearly 3 years). This significant fall in value of equities is due to overall uncertain economic situation prevailing in the country as the delay in the much anticipated IMF programme and amnesty scheme deject investors.
Further the market is anticipating hike in gas and electricity prices along with a few additional tax measures to address fiscal constraints of government ahead of IMF programme. As a result of these measures, investors are foreseeing probable decline in overall corporate earnings.
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