Pakistan Stock Exchange Monday remained under heavy pressure due to selling in various sectors. BRIndex100 lost 76.3 points or 1.94 percent to close at 3,859.15 points. BRIndex100 touched intraday high of 3,935.45 and intraday low of 3,794.42 points. Volumes stood at 154.347 million shares.
BRIndex30 decreased by 267.23 points or 1.39 percent to close at 18,924.83 points with a turnover of 112.447 million shares.
The benchmark KSE-100 index declined by 750.36 points or 2.00 percent to close at 36,767.57 points. Due to selling pressure, trading activity improved as daily volumes on the ready counter increased to 165.515 million shares as compared to 135.415 million shares traded Friday last.
Foreign investors remained net sellers of shares worth $3.2 million. The market capitalization declined by Rs 128 billion to Rs 7.577 trillion. Out of total 371 active scrips, 269 closed in negative, only 83 in positive while the value of 19 stocks remained unchanged.
TRG Pak was the volume leader with 16.813 million shares. However, it lost Re 0.54 to close at Rs 22.00 followed by Unity Foods that gained Re 0.30 to close at Rs 25.22 with 8.819 million shares.
Bata Pak and Murree Brewery were the top gainers with Rs 38.90 and Rs 22.92, respectively to close at Rs 1,679.68 and Rs 765.18. Mari Petroleum and ICI Pakistan were the top losers with Rs 40.69 and Rs 32.46, respectively to close at Rs 1,401.20 and Rs 617.17.
BR Commercial Banks Index decreased by 150.08 points or 1.86 percent to close at 7,935.60 points with total turnover of 21.146 million shares.
BR Cement Index declined by 101.99 points or 2.71 percent to close at 3,655.19 points with 17.685 million shares.
BR Oil and Gas Index plunged by 105.9 points or 2.12 percent to close at 4,893.32 points with 7.729 million shares.
BR Tech. & Comm. Index lost 23.89 points or 2.26 percent to close at 1,031.25 points with 26.668 million shares.
BR Power Generation and Distribution Index closed at 5,448.10 points, down 85.82 points or 1.55 percent with 9.519 million shares.
Danish Ladhani at JS Global Capital said that the Pakistan Stock Market further plummeted 750 points to close at 36,767 levels. Investor enthusiasm was low as selling pressure prevailed despite the government's announcement of retracing to the International Monetary Fund (IMF) for a bailout package. Moreover, the rupee further declined Rs 1.40 against the dollar trading between Rs 133.20 to Rs 133.40. Furthermore, there were whispers that the market is expecting the removal of LUCK and UBL from the MSCI large Cap index to small cap in the next MSCI reclassification due on the 13th of November that further hampered the market.
Top heavyweights, PPL (down 2.70 percent), OGDC (down 0.30 percent), HBL (down 0.89 percent), ENGRO (down 2.52 percent), MCB (down 3.86 percent), UBL (down 0.04 percent), FFC (down 1.68 percent) and HUBC (down 1.50 percent) cumulatively contributed negative 232 points.