Sentiments at Pakistan Stock Exchange (PSX) remained negative on the last trading day of the week, Friday. BRIndex100 lost 50.9 points or 1.34 percent to close at 3,756.95 points compared to 3,807.85 points Thursday. BRIndex100 touched intraday high of 3,807.85 points and an intraday low of 3,756.95 points. Volume stood at 57.294 million. Unity Foods was the most traded company in BRIndex100 with a volume of 9.1 million shares.
BRIndex30 opened at 19,703.62 points. It touched intraday high of 20,107.08 points and intraday low of 19,499.13 points to close at 19,499.13 points, which was 204.49 points or 1.04 percent lower than previous close. Volume at BRIndex30 stood at 37.747 million.
The market opened on a negative note with a dull outlook. After a negligible move of +9pts, the index continued move in downward side and by the end of the trading the index slid by a total of 425 points.
The benchmark KSE-100 index closed at 36,123 points down from 36,547.63 points Thursday. Trading activity was lackluster as daily trading volumes decreased to 64.33 million shares compared to 68 million Thursday.
The market capitalization fell by Rs 80.3 billion to Rs 7.371 trillion. Out of total 323 active scrips, some 88 closed in positive, 218 negative while the value of 17 stocks remained unchanged.
Ahsan Mehanti of Arif Habib Corp said that stocks battered in the post quarter end earnings season on investor fears over likely tough IMF modalities for $6.5 billion bailout package.
Slump in global crude oil prices, weak economic outlook, reports on the IMF condition for raise in power tariff by 25 percent impacting corporate earnings outlook played a catalyst role in bearish close, he added.
Unity Foods was the volume leader with 9 million shares. It lost Re 0.09 to close at Rs 12.46 followed by Fauji Cement that decreased by Re 0.28 to close at Rs 17.85 with 3.17 million shares. B.O.Punjab ranked third with 3 million shares and closed at Rs 12.13, down Re. 0.25.
Colgate Palm and Island Textile were the top gainers with Rs 49.50 and Rs 48.26, respectively to close at Rs 1,998.00 and Rs 1,898.25. Nestle Pakistan and Siemens Pak were the top losers with Rs 122.50 and Rs 37.00, respectively to close at Rs 7,240.00 and Rs 703.00.
BR Commercial Banks Index declined by 82.41 points or -0.99 percent to close at 8,253.16 points with a total turnover of 7,445,900.
BR Cement Index closed at 3,360.32 points with a net negative change of -38.65 points or a percentage change of -1.14 and a total turnover of 8,902,200.
BR Oil and Gas Index closed at 4,328.95 points with a net negative change of -84.75 points or a percentage change of -1.92 and a total turnover of 6,012,520. BR Tech. & Comm. Index closed at 862.30 points with a net negative change of -0.73 points or a percentage change of -0.08 and a total turnover of 2,756,000.
BR Power Generation and Distribution Index closed at 5,016.88 points with a net negative change of -34.31 points or a percentage change of -0.68 and a total turnover of 1,678,000.
Volume leaders were UNITY (-0.7%), FCCL (-1.5%) and BOP (-2.0%) with a cumulative 15mn shares changing hands. Moreover the Asian development bank (ADB) agreed to give $1bn budgetary support to Pakistan soon after a green signal from the IMF as the government had promised to have a majority transformation of financial repercussions.
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