Lack of clarity over the availability of any market support fund from the government invited panic selling and the Pakistan Stock Exchange Tuesday ended in deep red with highest decline after 10 trading sessions, analysts said. BRIndex100 lost 95.46 points or 2.54 percent to close at 3,659.64 points. BRIndex100 touched intraday high of 3,755.10 and intraday low of 3,654.56 points. Volumes stood at 143.350 million shares.
BRIndex30 declined by 497.96 points or 2.61 percent to close at 18,564.75 points with a turnover of 102.002 million shares.
The KSE-100 index plunged by 748.09 points or 2.10 percent to close below 35,000 level at 34,949.28 points. Daily trading volumes increased to 152.298 million shares as compared to 125.221 million shares traded Monday.
Foreign investors remained net sellers of shares worth $1.1 million. The market capitalization declined by Rs 98 billion to Rs 7.086 trillion. Out of total 327 active scrips, 238 closed in negative, only 70 in positive while the value of 19 stocks remained unchanged.
Fauji Cement was the volume leader with 12.032 million shares. However, it lost Re 0.92 to close at Rs 16.82 followed by Bank of Punjab that decreased by Re 0.31 to close at Rs 11.08 with 10.356 million shares.
Unilever Foods and Nestle Pakistan were the top gainers with Rs 276.00 and Rs 251.00, respectively to close at Rs 5,980.00 and Rs 7,340.00. Rafhan Maize and Indus Motor Co were the top losers with Rs 324.50 and Rs 60.10, respectively to close at Rs 6,180.00 and Rs 1,141.90.
BR Commercial Banks Index declined by 101.67 points or 1.21 percent to close at 8,286.02 points with total turnover of 21.749 million shares.
BR Cement Index decreased by 83.9 points or 2.59 percent to close at 3,151.21 points with 28.299 million shares.
BR Oil and Gas Index plunged by 139.57 points of 3.26 percent to close at 4,138.30 points with 17.045 million shares.
BR Automobile Assembler Index lost 14.06 points or 0.24 percent to close at 5,925.47 points with 1.952 million shares.
BR Power Generation and Distribution Index closed at 4,812.64 points, down 93.08 points or 1.9 percent with 9.794 million shares.
An analyst at Topline Securities said after closing flat on Monday session, KSE-100 index recorded highest percentage loss of 2.1 percent after 10 sessions closed 34,949. Much anticipated stock market fund has not yet been formed which has raised the uncertainty levels among the investors who previously remained optimist on the formation of same fund. The E&P companies eroded 170 points from the index, followed by Fertilizer & Banks which cumulatively depleted the index by 323 points.
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