KARACHI: Pakistan Stock Exchange witnessed bearish trend on fourth consecutive session and closed in red zone as the investors opted to offload their holdings on available margins.

The benchmark KSE-100 index plunged by 1,510.19 points or 1.32 percent and closed at 112,638.26 points. During the session, the index hit 114,329.95 points intra-day high and 112,594.67 points intra-day low levels.

Trading activities remained very low as total daily volumes on ready counter declined to 695.142 million shares as compared to 1,099.982 million shares traded on Wednesday while total daily traded value on the ready counter declined to Rs 24.293 billion against previous session’s Rs 32.466 billion.

BRIndex100 decreased by 137.07 points or 1.16 percent to close at 11,723.06 points with total daily turnover of 626.669 million shares.

BRIndex30 declined by 459.08 points or 1.28 percent to close at 35,359.32 points with total daily trading volumes of 491.859 million shares.

The foreign investors were also on the selling side and withdrew $2.891 million from the local equity market. Total market capitalization declined by Rs 160 billion to stand at Rs 14.156 trillion. Out of total 454 active scrips, 321 closed in negative and only 89 in positive while the value of 44 stocks remained unchanged.

WorldCall Telecom was the volume leader with 195.296 million shares however closed at previous session’s closing level of Rs 1.79 without any change followed by K-Electric that lost Re 0.10 to close at Rs 4.76 with 48.682 million shares. Cnergyico PK decreased by Re 0.31 to close at Rs 6.69 with 35.460 million shares.

Rafhan Maize Products Company and JDW Sugar Mills were the top gainers increasing by Rs 125.47 and Rs 90.50 respectively to close at Rs 9,080.41 and Rs 995.45 while Unilever Pakistan Foods and Nestle Pakistan were the top losers declining by Rs 188.99 and Rs 131.02 respectively to close at Rs 20,811.01 and Rs 7,151.21.

An analyst at Topline Securities said that the market experienced notable volatility, reaching a peak of 114,330 and a low of 112,595, reflecting uncertainty in the cement and gas sectors affecting sentiment.

The drop in the index was mainly driven by ENGROH, MARI, MEBL, LUCK, and EFERT, which collectively contributed to a loss of 615 points.

BR Automobile Assembler Index declined by 244.46 points or 1.15 percent to close at 21,060.84 points with total turnover of 6.137 million shares.

BR Cement Index plunged by 247.3 points or 2.3 percent to close at 10,504.84 points with 31.714 million shares.

BR Commercial Banks Index decreased by 241.18 points or 0.82 percent to close at 29,284.43 points with 42.685 million shares.

BR Power Generation and Distribution Index fell by 170.16 points or 0.94 percent to close at 17,995.29 points with 56.066 million shares.

BR Oil and Gas Index lost 84.27 points or 0.7 percent to close at 11,922.68 points with 39.907 million shares.

BR Tech & Comm Index eroded 130.27 points or 2.39 percent to close at 5,324.34 points with 236.440 million shares.

Ali Najib at Insight Securities said it was fourth consecutive negative session PSX as it looked like that rein of the market is now completely in the hands of bears.

During the session, investors’ sentiment was crumbling like a cookie as they aggressively trim their trading positions which compelled the benchmark index to forego 114,000 and 113,000 levels.

Rising uncertainties on the political landscape, absence of any positive trigger and continuous foreign selling can be attributed to the today’s market behaviour.

Investors were keeping a vigilant eye onto the statements coming from newly elected US administration regarding arrested Pakistan’s Opposition Leader. Any development favouring him could likely have a potential to destabilize prevailing ruling equation & their policies.

Fertilizer, E&P, Banks & Cement sector’s stocks received profit taking as ENGROH, MARI, MEBL, LUCK and EFERT cumulatively lost 615 to the index.

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