KARACHI: Despite foreign buying, Pakistan Stock Exchange Thursday witnessed a bearish trend due to heavy selling by local investors and institutions in various sectors.
BRIndex100 lost 71.72 points or 1.43 percent to close at 4,960.81 points. BRIndex100 hit intraday high of 5,037.48 and intraday low of 4,958.21 points. Volumes stood at 473.624 million shares.
BRIndex30 declined by 228.28 points or 0.89 percent to close at 25,534.72 points with a turnover of 275.742 million shares.
The KSE-100 Index plunged by 625.40 points or 1.34 percent and closed at 46,142.74 points. Trading activities remained low as daily volumes on ready counter decreased to 577.954 million shares as compared to 701.764 million shares traded on Wednesday.
Foreign investors however remained net buyers of shares worth $3.574 million shares. Total market capitalization declined by Rs 76 billion to Rs 8.292 trillion. Out of total 412 active scrips, 250 closed in negative and 140 in positive while the value of 22 stocks remained unchanged.
Dost Steels was the volume leader with 58.666 million shares however lost Rs 0.66 to close at Rs 5.94 followed by Telecard Limited that gained Rs 0.52 to close at Rs 8.28 with 34.348 million shares. Sapphire Textile and Bata Pak were the top gainers increasing by Rs 66.75 and Rs 58.00 respectively to close at Rs 956.86 and Rs 1838.00 while Nestle Pakistan and Mari Petroleum were the top losers declining by Rs 78.45 and Rs 33.06 respectively to close at Rs 6121.55 and Rs 1595.37.
BR Automobile Assembler Index lost 12.22 points or 0.14 percent to close at 8,822.27 points with total turnover of 10.498 million shares.
BR Cement Index declined by 108.99 points or 1.44 percent to close at 7,438.44 points with 64.307 million shares.
BR Commercial Banks Index plunged by 217.76 points or 2.42 percent to close at 8,782.64 points with 22.876 million shares.
BR Power Generation and Distribution Index decreased by 69.9 points or 1.21 percent to close at 5,716.79 points with 36.259 million shares.
BR Oil and Gas Index fell by 70.57 points or 1.63 percent to close at 4,249.77 points with 17.339 million shares.
BR Tech. & Comm. Index closed at 3,506.06 points, up 6 points or 0.17 percent with 117.410 million shares.
An analyst at Arif Habib Limited said that the market saw aggressive selling after spate of financial result announcements which had consistent earnings but declared lesser dividends than anticipated.
Banking sector saw major attrition, however, profit booking was also observed in Cement, O&GMCs and E&P sectors. Overall, the index shed 648 points during the session and ended down 625 points. Market on Close (MOC) saw intense selling in Banking sector.
Important results announced included ENGRO, PSO and MEBL but ended the session at a low ebb due to the general disappointment.
Sectors contributing to the performance include Banks (down 247 points), Cement (down 83 points), Fertilizer (down 74 points), E&P (down 68 points) and O&GMCs (down 55 points).
Stocks that contributed positively to the index include ANL (up 10 points), GHGL (up 5 points), AICL (up 4 points), THALL (up 3 points) and KTML (up 3 points). Stocks that contributed negatively include HBL (down 91 points), ENGRO (down 58 points), PSO (down 52 points), LUCK (down 44 points) and MCB (down 41 points).
Copyright Business Recorder, 2021
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