KARACHI: After opening on a strong positive note, Pakistan Stock Exchange Wednesday plunged in deep red due to heavy selling on investors’ concerns over increasing corona cases in the country.
BRIndex100 lost 79.37 points or 1.85 percent to close at 4,208.26 points. BRIndex100 hit intraday high of 4,307.87 and intraday low of 4,201.12 points. Volumes stood at 449.306 million shares.
BRIndex30 declined by 426.47 points or 1.96 percent to close at 21,311.55 points with a turnover of 325.926 million shares.
The KSE-100 Index plunged by 632.88 points or 1.54 percent to close below 41,000 level at 40,571.48 points. Daily trading volumes increased to 473.730 million shares as compared to 353.650 million shares traded Tuesday.
Foreign investors also remained net sellers of shares worth $2.151 million. Total market capitalization declined by Rs 85 billion to Rs 7.643 trillion. Out of total 417 active scrips, 304 closed in negative and only 98 in positive while the value of 15 stocks remained unchanged.
Hascol Petroleum was the volume leader with 86.628 million shares however declined by Rs 1.52 to close at Rs 20.18 followed by Unity Foods that closed at Rs 16.65, down Rs 0.82 with 66.237 million shares. Rafhan Maize and Bata Pak were the top gainers increasing by Rs 200.00 and Rs 62.96 respectively to close at Rs 8500.00 and Rs 1683.96 while Nestle Pakistan and Island Textile were the top losers declining by Rs 100.00 and Rs 73.50 respectively to close at Rs 6600.00 and Rs 906.50.
BR Automobile Assembler Index plunged by 182.42 points or 2.42 percent to close at 7,364.83 points with total turnover of 3.466 million shares.
BR Cement Index declined by 114.34 points or 2.0 percent to close at 5,610.50 points with 35.095 million shares.
BR Commercial Banks Index decreased by 83.78 points or 1.01 percent to close at 8,231.86 points with 48.766 million shares.
BR Power Generation and Distribution Index fell by 83.05 points or 1.68 percent to close at 4,850.40 points with 33.117 million shares.
BR Oil and Gas Index lost 57.79 points or 1.42 percent to close at 4,010.03 points with 105.572 million shares.
BR Tech. & Comm. Index closed at 1,809.76 points, down 77.29 points or 4.1 percent with 38.063 million shares.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed sharply lower on concerns over global equity sell off and slump in global crude oil prices.
He said foreign outflows, political uncertainty, investor concerns over likely government action unfavoring IPPs to resolve circular debt crises played a catalyst role for bearish close despite Ministry of Energy notification of government special relief package on five export sectors.
Copyright Business Recorder, 2020
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