KARACHI: Pakistan Stock Exchange Wednesday witnessed selling pressure, mainly by foreign investors that forced the share market to close in deep red. Foreign investors remained on the selling side and withdrew $41.974 million from the capital market.
BRIndex100 lost 39.54 points or 0.8 percent to close at 4,916.28 points. BRIndex100 hit intraday high of 4,955.85 points and intraday low of 4,906.54 points. Volumes stood at 538.476 million shares.
BRIndex30 decreased by 355.78 points or 1.38 percent to close at 25,474.65 points with a turnover of 352.718 million shares.
The KSE-100 Index declined by 299.71 points or 0.65 percent and closed at 45,682.11 points. Daily trading volumes on ready counter increased to 578.309 million shares as compared to 536.792 million shares traded on Tuesday.
Total market capitalization declined by Rs 21 billion to Rs 7.889 trillion. Out of total 398 active scrips, 234 closed in negative and 148 in positive while the value of 16 stocks remained unchanged.
K-Electric was the volume leader with 65.424 million shares and gained Rs 0.21 to close at 4.11 followed by Unity Foods that closed at Rs 40.62, down Rs 0.63 with 56.945 million shares. Wyeth Pak and Mari Petroleum were the top gainers increasing by Rs 96.31 and Rs 25.38 respectively to close at Rs 1380.49 and Rs 1600.31 while Sapphire Fiber and Nestle Pakistan were the top losers declining by Rs 55.58 and Rs 50.00 respectively to close at Rs 776.00 and Rs 5550.00.
BR Automobile Assembler Index lost 35.93 points or 0.41 percent to close at 8,810.26 points with total turnover of 9.988 million shares.
BR Cement Index declined by 102.59 points or 1.39 percent to close at 7,252.51 points with 16.073 million shares.
BR Commercial Banks Index decreased by 54.88 points or 0.61 percent to close at 8,873.27 points with 21.911 million shares.
BR Power Generation and Distribution Index fell by 40.0 points or 0.72 percent to close at 5,516.37 points with 77.383 million shares.
BR Oil and Gas Index closed at 3,902.52 points, down 3.99 points or 0.1 percent with 61.077 million shares.
BR Tech. & Comm. Index plunged by 96.0 points or 2.33 percent to close at 4,027.31 points with 121.943 million shares.
An analyst at Arif Habib Limited said that the market turned negative which was a reflection of political uncertainty created by the rifts between the senior members of the ruling party. The index bore regression of 369 points during the session and realized a pull back, ending the session minus 300 points. Cement, O&GMCs, Banks, Refinery, Steel sector stocks saw selling pressure. However, the sentiment turned particularly negative due to persistent selling in Technology stocks.
Sectors contributing to the performance include Technology (down 83 points), Cement (down 72 points), Banks (down 53 points), Textile (down 29 points) and O&GMCs (down 24 points).
Stocks that contributed positively to the index include MARI (up 16 points), HASCOL (up 14 points), KEL (up 14 points), OGDC (up 13 points) and ENGRO (up 10 points). Stocks that contributed negatively include TRG (down 70 points), LUCK (down 24 points), HBL (down 23 points), PSO (down 22 points) and HUBC (down 22 points).
Copyright Business Recorder, 2021
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