KARACHI: Pakistan Stock Exchange Wednesday opened on a positive note, however failed to continue this momentum and closed on a negative note as investors opted to book profits on available margins.
BRIndex100 lost 31.31 points or 0.75 percent to close at 4,170.56 points. During the session, the BRIndex-100 hit an intraday high of 4,241.09 and an intraday low of 4,165.18 points. Total volumes stood at 391.818 million shares.
BRIndex30 decreased by 197.67 points or 0.93 percent to close at 21,120.51 points with total daily turnover of 266.513 million shares.
The KSE-100 Index declined by 198.92 points or 0.49 percent and closed at 40,281.96 points. Daily trading volumes on ready counter increased to 427.848 million shares as compared to 383.953 million shares traded on Tuesday. The foreign investors also remained net sellers of shares worth $1.484 million. Total market capitalization declined by Rs 17 billion to Rs 7.465 trillion. Out of total 393 active scrips, 234 closed in negative and 147 in positive while the value of 12 stocks remained unchanged.
Unity Foods was the volume leader with 47.732 million shares however lost Rs 0.94 to close at Rs 23.20 followed by Fauji Foods that gained Rs 0.86 to close at Rs 15.75 with 34.787 million shares. Rafhan Maize and Island Textile were the top gainers increasing by Rs 202.50 and Rs 80.62 respectively to close at Rs 8527.50 and Rs 1155.62 while Nestle Pakistan and Sapphire Textile were the top losers declining by Rs 77.56 and Rs 62.70 respectively to close at Rs 6261.31 and Rs 886.51.
BR Automobile Assembler Index increased by 71.72 points or 0.91 percent to close at 7,972.27 points with total turnover of 4.523 million shares.
BR Cement Index decreased by 60.41 points or 0.99 percent to close at 6,061.07 points with 43.784 million shares.
BR Commercial Banks Index fell by 80.92 points or 0.98 percent to close at 8,201.11 points with 9.469 million shares.
BR Power Generation and Distribution Index declined by 79.77 points or 1.6 percent to close at 4,903.46 points with 28.984 million shares.
BR Oil and Gas Index lost 1.27 points or 0.03 percent to close at 3,643.87 points with 40.114 million shares.
BR Tech. & Comm. Index closed at 1,778.88 points, down 3.97 points or 0.22 percent with 53.973 million shares.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed lower on institutional profits taking in overbought scrips amid fears over outcome of second wave Covid pandemic on exports, remittances and earnings outlook.
Upbeat data on 22.6 percent exports growth of Pharma sector for July-September 2020, 5.2 million tons record cement sales and PM power bill relief package for SMEs, industrials invited mid-session support.
He said foreign outflows, 0.1 percent negative weak data on exports for July-October 2020 and concerns over IMF forecasts over subdued economic growth rate for FY21 at 0.5 percent played a catalyst role for bearish close.
Copyright Business Recorder, 2020
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