Despite foreign buying, Pakistan Stock Exchange Wednesday closed on a negative note due to selling by local investors. BRIndex100 lost 37.04 points or 1.08 percent to close at 3,391.07 points. BRIndex100 touched intraday high of 3,430.24 and intraday low of 3,385.54 points. Volumes stood at 79.796 million shares.
BRIndex30 decreased by 153.28 points or 0.87 percent to close at 17,458.44 points with a turnover of 61.778 million shares. The KSE-100 Index declined by 314.48 points or 0.96 percent and closed at 32,401.40 points. Trading activity also remained low as daily volumes decreased to 84.383 million shares as compared to 97.118 million shares traded Tuesday.
Foreign investors however remained net buyers of shares worth $4.4 million. The market capitalization declined by Rs 57 billion to Rs 6.541 trillion. Out of total 309 active scrips, 195 closed in negative, only 98 in positive while the value of 16 stocks remained unchanged.
Unity Foods was the volumes leader with 8.976 million shares. It gained Re 0.19 to close at Rs 9.72 followed by Maple Leaf that lost Re 0.34 to close at Rs 19.78 with 7.941 million shares. Indus Motor Co and Pak Engineering were the top gainers with Rs 27.83 and Rs 6.68, respectively to close at Rs 1,121.74 and Rs 140.37. Nestle Pakistan and Mari Petroleum were the top losers with Rs 287.69 and Rs 29.46, respectively to close at Rs 5,850.00 and Rs 920.69.
BR Automobile Assembler Index lost 13.5 points or 0.26 percent to close at 5,258.80 points with total turnover of 592,900 shares. BR Cement Index closed at 2,879.23 points, down 13.13 points or 0.45 percent with 17.212 million shares. BR Commercial Banks Index decreased by 42.39 points or 0.53 percent to close at 7,890.27 points with 14.132 million shares. BR Power Generation and Distribution Index plunged by 94.78 points or 2.07 percent to close at 4,486.56 points with 5.458 million shares.
BR Oil and Gas Index declined by 52.94 points or 1.4 percent to close at 3,733.17 points with 5.966 million shares. BR Tech. & Comm. Index lost 2.04 points or 0.29 percent to close at 691.67 points with 6.358 million shares. An analyst at Arif Habib Limited said although market opened on positive note and went up by 49 points during the session, the index bore heavy selling pressure with a slide of 365 points by the end of session. E&P, Fertilizer, Autos, Cement and Banking sectors bled throughout the day.
Financial results of HBL and SNGP were announced during the session, whereby SNGP received heavy bantering in the last half hour and HBL also saw selling pressure upon announcement of lower than anticipated results. Investor sentiment remained at low ebb anticipating poor results from listed entities. Another important indicator for market would be PIB auction, where an inverted yield curve is anticipated to lure investors back to equities in the medium term.
Sectors contributing to the performance include E&P (down 70 points), Fertilizer (down 63 points), Banks (down 52 points), Power (down 49 points) and O&GMCs (down 21 points).
Stocks that contributed positively include MCB (up 17 points), INDU (up 8 points), DGKC (up 7 points), IGIHL (up 4 points) and AGP (up 4 points). Stocks that contributed negatively include ENGRO (down 41 points), HUBC (down 35 points), HBL (down 33 points), PPL (down 28 points) and FFC (down 18 points).
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