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KARACHI: Pakistan Stock Exchange Thursday nosedived just after opening of the trading session. It closed in deep red due to panic selling on investor concerns over the prevailing political situation after Senate elections’ results.

BRIndex100 decreased by 124.42 points or 2.48 percent to close at 4,884.03 points. BRIndex-100 hit intraday high of 4,957.95 and intraday low of 4,854.95 points. Volumes stood at 408.316 million shares.

BRIndex30 declined by 806.32 points or 3.1 percent to close at 25,238.93 points with a turnover of 272.253 million shares.

The KSE-100 Index plunged by 882.24 points or 1.91 percent and closed at 45,278.54 points. Daily trading volumes on ready counter increased to 441.496 million shares as compared to 403.693 million shares traded on Wednesday.

The market capitalization declined by Rs 143 billion to Rs 8.122 trillion. Out of total 412 active scrips, 358 closed in negative and only 46 in positive while the value of 8 stocks remained unchanged.

K-Electric was the volume leader with 33.106 million shares however lost Rs 0.17 to close at Rs 3.96 followed by Ghani Glo Hol that gained Rs 0.92 to close at Rs 18.67 with 28.669 million shares. Colgate Palmolive and Sunrays Textile were the top gainers increasing by Rs 150.00 and Rs 74.97 respectively to close at Rs 2900.00 and Rs 1074.58 while Sapphire Fiber and Wyeth Pak were the top losers declining by Rs 49.00 and Rs 32.49 respectively to close at Rs 880.00 and Rs 917.51.

BR Automobile Assembler Index declined by 145.24 points or 1.62 percent to close at 8,806.66 points with total turnover of 3.361 million shares.

BR Cement Index plunged by 244.43 points or 3.22 percent to close at 7,349.46 points with 40.954 million shares.

BR Commercial Banks Index decreased by 130.69 points or 1.51 percent to close at 8,536.98 points with 25.626 million shares.

BR Power Generation and Distribution Index fell by 132.65 points or 2.29 percent to close at 5,648.19 points with 42.893 million shares.

BR Oil and Gas Index lost 74.76 points or 1.8 percent to close at 4,088.29 points with 18.922 million shares.

BR Tech. & Comm. Index closed at 3,659.55 points, down 107.53 points or 2.85 percent with 80.310 million shares.

Maaz Mulla at JS Global Capital said that the KSE-100 Index remained in bearish momentum throughout the day as the result of Senate elections wreaked havoc on sentiment.

Selling pressure was witnessed across the board where stocks such as LUCK (down 2.5 percent), TRG (down 3.3 percent), BAFL (down 1.7 percent), HUBC (down 1.7 percent), FFC (down 1.3 percent) and UBL (down 2.2 percent) lost value during the trading session.

Top volume holders of the bourse were KEL (down 4.1 percent), TRG (down 3.3 percent), GGL (up 5.2 percent), BYCO (down 5.6 percent), WTL (down 7.2 percent) and UNITY (down 4.6 percent), which collectively contributed 145 million shares to the total volume.

Refineries and Cements sectors came under the hammer where NRL (down 3.0 percent), ATRL (down 3.9 percent), PRL (down 5.0 percent), KOHC (down 3.9 percent), DGKC (down 3.7 percent), CHCC (down 3.5 percent), PIOC (down 4.1 percent) and MLCF (down 3.6 percent) closed lower. Steel sector followed the same trend where MUGHAL (down 4.4 percent), ASL (down 4.8 percent), INIL (down 3.5 percent) and ISL (down 3.8 percent) lost value to close in the red trajectory.

Copyright Business Recorder, 2021

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