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A bearish trend continued on Pakistan Stock Exchange Tuesday due to selling in various sectors. BRIndex100 lost 16.08 points or 0.36 percent to close at 4,469.56 points. BRIndex100 touched intraday high of 4,510.33 and intraday low of 4,435.87 points. Volumes stood at 161.948 million shares.

BRIndex30 decreased by 54.12 points or 0.23 percent to close at 23,587.72 points with a turnover of 116.715 million shares. The KSE-100 Index declined by 121.15 points or 0.28 percent to close at 42,626.47 points. Daily trading volumes on the ready counter stood at 177.567 million shares as compared to 173.897 million shares traded Monday.

The market capitalization declined by Rs 19 billion to stand at Rs 8.014 trillion. Out of total 344 active scrips, 205 closed in negative, 127 in positive while the value of 12 stocks remained unchanged.

TRG Pak was the volume leader with 17.460 million shares. It gained Re 0.25 to close at Rs 27.67 followed by Byco Petroleum that inched up by Re 0.52 to close at Rs 9.09 with 11.183 million shares.

Akzo Nobel Pak and Service Ind Limited were the top gainers with Rs 13.28 and Rs 11.86, respectively to close at Rs 270.64 and Rs 815.00. Sanofi-Aventis and Indus Dyeing were the top losers with Rs 28.88 and Rs 27.00, respectively to close at Rs 701.12 and Rs 500.00.

BR Automobile Assembler Index lost 14.77 points or 0.24 percent to close at 6,142.64 points with total turnover of 1.565 million shares. BR Cement Index closed at 3,836.14 points, down 20.56 points or 0.53 percent with 10.367 million shares.

BR Commercial Banks Index gained 3.81 points or 0.04 percent to close at 10,159.60 points with 23.410 million shares. BR Power Generation and Distribution Index increased by 54.71 points or 0.94 percent to close at 5,850.68 points with 10.574 million shares.

BR Oil and Gas Index fell by 4.65 points or 0.09 percent to close at 5,028.81 points with 12.822 million shares. BR Tech. & Comm. Index inched up by 2.69 points or 0.26 percent to close at 1,044.77 points with 30.772 million shares.

Ahsan Mehanti at Arif Habib Corporation said that bearish activity remained in the earnings season amid global equity selloff and pressure in global crude oil prices. Oil and banking scrips outperformed on higher local oil prices and speculations ahead of banking sector annual earning payouts.

He said uncertainty over SBP policy announcement on January 28, foreign outflows and concerns over surging Rs 1.7 trillion energy sector circular debt played a catalytic role in bearish close.

Copyright Business Recorder, 2020

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