Despite foreign buying, Pakistan Stock Exchange Wednesday fell in deep red due to panic selling by local investors. BRIndex100 lost 64.88 points or 1.74 percent to close at 3,655.81 points. BRIndex100 touched intraday high of 3,727.91 and intraday low of 3,628.49 points. Volumes stood at 100.979 million shares.
BRIndex30 decreased by 423.69 points or 2.21 percent to close at 18,739.49 points with a turnover of 75.476 million shares. The KSE-100 index declined by 596.03 points or 1.62 percent to close at 35,035.03 points. Daily trading volumes increased to 113.235 million shares as compared to 65.363 million shares traded Tuesday.
Foreign investors however remained net buyers of shares worth $5.2 million. The market capitalization declined by Rs 121 billion to Rs 7.182 trillion. Out of total 328 active scrips, 281 closed in negative, only 38 in positive while the value of 9 stocks remained unchanged. K-Electric was the volume leader with 16.775 million shares. However, it lost Re 0.25 to close at Rs 4.20 followed by Sui Northern Gas that declined by Rs 3.01 to close at Rs 68.59 with 5.729 million shares.
Colgate Palmolive and Faisal Spinning were the top gainers with Rs 110.09 and Rs 12.02, respectively to close at Rs 2,311.94 and Rs 252.55. Rafhan Maize and Philip Morris Pak were the top losers with Rs 340.00 and Rs 183.50, respectively to close at Rs 6,510.00 and Rs 3,486.50. BR Commercial Banks Index decreased by 48.0 points or 0.58 percent to close at 8,234.88 points with total turnover of 10.320 million shares.
BR Cement Index declined by 60.9 points or 1.9 percent to close at 3,143.65 points with 16.012 million shares. BR Oil and Gas Index plunged by 107.65 points or 2.55 percent to close at 4,109.80 points with 12.467 million shares. BR Tech. & Comm. Index lost 26.19 points or 3.06 percent to close at 829.10 points with 7.965 million shares.
BR Power Generation and Distribution Index closed at 4,682.05 points, down 155.08 points or 3.21 percent with 18.303 million shares. Maaz Mulla at JS Global Capital said carnage was witnessed at the local bourse as the KSE-100 index lost 596 points to close at 35,035 level. This pressure in the market was on the back of likely redemptions in mutual funds. MCB (down 3.1 percent), PPL (down 1.7 percent), ENGRO (down 1.9 percent), MARI (down 5.0 percent) and HBL (down 0.3 percent) were among major laggards which dragged the index down.
Cement sector continued its declining trend where KOHC (down 5.0 percent), PIOC (down 4.6 percent), MLCF (down 3.6 percent) and FCCL (down 3.1 percent) lost value to close in the red zone. From the E&P sector PPL (down 1.7 percent), POL (down 1.7 percent) and OGDC (down 1.4 percent) closed lower than their previous day close on back of decrease in crude oil prices in the international market.
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