PSX extends losses: BRIndex100 inert

Pakistan Stock Exchange Tuesday witnessed a mixed trend but settled on a negative note due to selling in various sectors at the fag end. BRIndex100 lost 5.3 points or 0.13 percent to close at 4,201.52 points. BRIndex100 touched intraday high of 4,245.99 and intraday low of 4,186.47 points. Volumes stood at 81.753 million shares.

BRIndex30 decreased by 109.66 points or 0.51 percent to close at 21,335.22 points with a turnover of 55.455 million shares. The KSE-100 Index declined by 101.58 points or 0.25 percent to close at 40,175.35 points. Trading activity remained extremely thin as daily volumes on the ready counter decreased to 91.643 million shares as compared to 99.965 million shares traded Monday.

Foreign investors however remained net buyers of shares worth $0.7 million. The market capitalization declined by Rs 53 billion to Rs 7.507 trillion. Out of total 334 active scrips, 192 closed in negative, 119 in positive while the value of 23 stocks remained unchanged.

Unity Foods was the volume leader with 13.375 million shares. It gained Re 0.08 to close at Rs 13.90 followed by HBL that increased by Rs 2.78 to close at Rs 171.78 with 5.376 million shares.

Indus Dyeing and Service Ind Limited were the top gainers with Rs 43.94 and Rs 27.46, respectively to close at Rs 719.94 and Rs 998.13. Pak Tobacco and Colgate Palmolive were the top losers with Rs 138.71 and Rs 110.00, respectively to close at Rs 1,995.29 and Rs 2,040.00. BR Automobile Assembler Index decreased by 35.62 points or 0.61 percent to close at 5,759.68 points with total turnover of 1.162 million shares.

BR Cement Index lost 19.46 points or 0.52 percent to close at 3,731.98 points with 8.137 million shares. BR Commercial Banks Index gained 11.21 points or 0.11 percent to close at 9,790.74 points with 16.806 million shares.

BR Power Generation and Distribution Index shed 35.93 points or 0.65 percent to close at 5,484.54 points with 7.758 million shares.

BR Oil and Gas Index fell by 20.46 points or 0.46 percent to close at 4,418.14 points with 11.284 million shares. BR Tech. & Comm. Index closed at 994.63 points, down 26.37 points or 2.58 percent with 8.545 million shares. Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower amid thin trade at PSX on investor concerns over economic uncertainty and outcome of FATF review. Textile and banking stocks outperformed on strong financials and upbeat data on textile exports in July-January '20.

He said foreign outflows, weak financial results in autos, cement and concerns over IMF resistance over revised revenue targets and tariff reduction played a catalyst role in bearish close.