BRIndex100 stays bearish

Pakistan Stock Exchange Friday remained under pressure due to selling in various sectors. BRIndex100 lost 20.34 points or 0.43 percent to close at 4,657.06 points. BRIndex100 touched intraday high of 4,677.40 and intraday low of 4,649.62 points. Volumes stood at 160.470 million shares. BRIndex30 decreased by 128.57 points or 0.53 percent to 24,015.63 points with a turnover of 81.194 million shares.
The benchmark KSE-100 index declined by 131.86 points to 43,363.21 points. Trading activity remained low as daily volumes on the ready counter decreased to 193.397 million shares as compared to 220.440 million shares traded Thursday. The market capitalization declined by Rs 26 billion to Rs 9.064 trillion. Out of total 363 active scrips, 219 closed in negative, 132 in positive while the value of 12 stocks remained unchanged.
Pak Elektron was the volume leader with 16.423 million shares. It gained Re 0.78 to close at Rs 46.54 followed by Lotte Chemical that lost Re 0.14 to close at Rs 10.01 with 13.288 million shares. Bhanero Textile and Siemens Pak were the top gainers with Rs 30.00 and Rs 21.00, respectively to close at Rs 695.00 and Rs 952.00. Millat Tractors and Pak Tobacco were the top losers with Rs 43.40 and Rs 40.00, respectively to close at Rs 1,254.39 and Rs 2,105.00. BR Commercial Banks Index gained 25.4 points or 0.29 percent to close at 8,726.51 points with total turnover of 8.756 million shares.
BR Cement Index decreased by 62.34 points or 1.06 percent to close at 5,812.49 points with 5.572 million shares. BR Oil and Gas Index inched up by 16.58 points or 0.32 percent to close at 5,197.70 points with 5.831 million shares. BR Tech. & Comm. Index closed at 1,210.78 points, up 3.34 points or 0.28 percent with 27.131 million shares. BR Power Generation and Distribution Index lost 4.41 points or 0.07 percent to close at 6,401.44 points with 14.339 million shares.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower amid pressure in scrips across the board on weak global equities and challenging dismal economic data on $24.464 billion projected external financing needs in FY2018. Institutional support remained in oil and banking scrips on recovery in global crude prices and reports on rising banking spreads. He said concerns for surging current account deficit and concerns for likely surge in industrial gas tariff played a catalytic role in bearish close at PSX.