Despite foreign buying, Pakistan Stock Exchange Wednesday witnessed another bearish session due to continuous selling, mainly by local investors in various sectors. BRIndex100 lost 16.45 points or 0.46 percent to close at 3,567.89 points. BRIndex100 touched intraday high of 3,594.88 and intraday low of 3,536.53 points. Volumes stood at 144.621 million shares.
BRIndex30 decreased by 175.08 points or 0.95 percent to close at 18,163.31 points with a turnover of 90.827 million shares. The KSE-100 Index declined by 102.06 points and closed at 34,088.56 points. Daily trading volumes increased to 159.680 million shares as compared to 144.849 million shares traded Tuesday.
Foreign investors remained net buyers of shares worth $2.7 million. The market capitalization increased by Rs 9 billion to Rs 6.915 trillion. Out of total 349 active scrips, 202 closed in negative, 112 in positive while the value of 35 stocks remained unchanged.
K-Electric was the volume leader with 29.658 million shares. It closed at Rs 4.21 without any change followed Bank of Punjab that lost Re 0.05 to close at Rs 9.19 with 8.780 million shares. Nestle Pakistan and Pak Tobacco were the top gainers with Rs 113.68 and Rs 97.38, respectively to close at Rs 6,799.00 and Rs 2,503.44. Wyeth Pak and Mari Petroleum were the top losers with Rs 37.20 and Rs 18.92, respectively to close at Rs 706.80 and Rs 1,016.11.
BR Automobile Assembler Index plunged by 101.99 points or 1.76 percent to close at 5,680.46 points with total turnover of 765,790 shares. BR Cement Index lost 21.94 points or 0.73 percent to close at 2,989.15 points with 19.318 million shares. BR Commercial Banks Index declined by 56.03 points or 0.69 percent to close at 8,021.81 points with 19.459 million shares.
BR Power Generation and Distribution Index gained 35.16 points or 0.71 percent to close at 4,961.97 points with 35.005 million shares. BR Oil and Gas Index closed at 4,033.48 points, down 23.12 points or 0.57 percent with 9.472 million shares.
BR Tech. & Comm. Index inched up by 4.67 points or 0.61 percent to close at 767.63 points with 16.649 million shares. An analyst at Arif Habib Limited said that the market continued the downtrend with minus 459 points during the session, however, recovered by end to limit the loss to 102 points. Majority of the traded volume on Wednesday and Tuesday has been repo-reverse repo transaction, which is a highlight of June-end.
Sector-wise performance reflects power sector leading the table with 35 million shares, followed by Banks and Cement (19 million each). Cement sector remained under pressure throughout the day, which was caused by a host of reasons including the recent gas tariff hike by the government.
Sectors contributing to the performance include Banks (down 79 points), O&GMCs (down 25 points), Tobacco (plus 26 points), Power (plus 26 points) and Food (plus 17 points).
Stocks that contributed positively include PAKT (up 26 points), HUBC (up 21 points), POL (up 16 points), NESTLE (up 11 points) and FATIMA (up 9 points). Stocks that contributed negatively include HBL (down 50 points), UBL (down 26 points), PSO (down 16 points), SEARL (down 12 points) and ENGRO (down 11 points).
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