KARACHI: Bearish trend continued on Pakistan Stock Exchange on Wednesday due to selling mainly by local investors in various sectors. BRIndex100 lost 57.8 points or 1.17 percent to close at 4,867.01 points. During the session, the BRIndex-100 hit intraday high of 4,944.63 and an intraday low of 4,841.79 points. Total volumes stood at 497.361 million shares.
BRIndex30 decreased by 447.68 points or 1.75 percent to close at 25,152.64 points with total daily turnover of 334.493 million shares.
KSE-100 index declined by 366.17 points or 0.80 percent and close at 45,362.58 points. Trading activities remained thin as daily volumes on ready counter decreased to 557.503 million shares as compared to 718.226 million shares traded on Tuesday.
The foreign investors however remained net buyers of shares worth $3.701 million. Total market capitalization declined by Rs 79 billion to Rs 8.178 trillion. Out of total 420 active scrips, 322 closed in negative and only 80 in positive while the value of 18 stocks remained unchanged.
Byco Petroleum was the volume leader with 84.363 million shares however lost Re 0.38 to close at Rs 10.04 followed by TRG Pak that declined by Re 0.94 to close at Rs 137.30 with 47.483 million shares. Bata Pak and Shield Corp were the top gainers increasing by Rs 50.00 and Rs 23.57 respectively to close at Rs 1800.00 and Rs 337.86 while Gatron Industries and Shezan International were the top losers declining by Rs 42.39 and Rs 25.57 respectively to close at Rs 532.50 and Rs 315.44.
BR Automobile Assembler Index declined by 145.88 points or 1.62 percent to close at 8,855.35 points with total daily volumes of 6.489 million shares.
BR Cement Index lost 34.06 points or 0.46 percent to close at 7,317.59 points with 43.811 million shares.
BR Commercial Banks Index gained 11.39 points or 0.13 percent to close at 8,546.08 points with 33.437 million shares.
BR Power Generation and Distribution Index closed at 5,587.22 points, down 66.34 points or 1.17 percent with 17.025 million shares.
BR Oil and Gas Index decreased by 49.87 points or 1.19 percent to close at 4,147.99 points with 19.081 million shares.
BR Tech & Comm Index plunged by 57.34 points or 1.56 percent to close at 3,623.56 points with 153.320 million shares.
“After touching a high of plus 159 points in the initial hours of trading, the market slid to an intraday low of minus 523 points before closing the trading session at a level of 45,363, down 366 points. The sell-off can be attributed to ongoing future rollover week and the ongoing FATF meetings.
BYCO (down 3.6 percent), TRG (down 0.7 percent), WTL (down 6.1 percent), HUMNL (down 5.1 percent) and MDTL (down 9.6 percent) were volume leaders of the session contributing 202 million shares to the aggregate.
From the Power sector, PKGP (down 0.2 percent) declared its full year CY20 result with an EPS of Rs 11.86 while LPL (down 0.2 percent) reported earnings of Rs 9.35 per share for CY20. Additionally, both companies declared a final cash dividend of Re 1.0 per share.
In the E&P sector, OGDC (down 2.0 percent) declared its first half FY21 result, posting an EPS of Rs 9.82 and a cash payout of Rs 1.60 per share. PPL (down 1.3 percent) and POL (down 0.7 percent) from the same sector witnessed selling pressure as both closed red.
Mixed sentiments kept the Banking sector volatile as HBL (up 1.5 percent) and MEBL (up 3.2 percent) closed in the green zone whereas UBL (down 0.4 percent) closed red. Moreover, NBP (down 5.1 percent) also lost value as it declared its CY20 result, where the company posted an EPS of Rs 14.36 with no cash pay-out.
Copyright Business Recorder, 2021
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