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KARACHI: Pakistan Stock Exchange on Tuesday witnessed another bearish trend and closed on negative note due to selling by local and foreign investors.

BRIndex100 lost 34.2 points or 0.67 percent to close at 5,043.23 points. BRIndex100 hit intraday high of 5,088.45 points and an intraday low of 5,023.97 points. Volumes stood at 368.122 million shares.

BRIndex30 decreased by 313.9 points or 1.26 percent to close at 24,597.72 points with a turnover of 178.545 million shares.

The KSE-100 Index declined by 188.56 points or 0.40 percent to close at 46,729.96 points. Daily trading volumes on the ready counter slightly improved to 423.757 million shares as compared to 417.852 million shares traded Monday.

Foreign investors also remained net sellers of shares worth $1.903 million. Total market capitalization declined by Rs 27 billion to Rs 8.218 trillion. Out of total 520 active scrips, 373 closed in negative and 129 in positive while the value of 18 stocks remained unchanged.

TPL Corp was the volume leader with 41.821 million shares and gained Rs 0.68 to close at Rs 25.28 followed by Kohinoor Spinning that lost Rs 0.07 to close at Rs 6.81 with 33.723 million shares. Nestle Pakistan and Allawasaya Textile were the top gainers increasing by Rs 423.75 and Rs 75.72 respectively to close at Rs 6073.75 and Rs 1085.32 while Unilever Foods and Colgate Palmolive were the top losers declining by Rs 1645.00 and Rs 50.00 respectively to close at Rs 20300.00 and Rs 2725.00.

BR Automobile Assembler Index declined by 150.61 points or 1.6 percent to close at 9,243.17 with total turnover of 5.187 million shares.

BR Cement Index plunged by 105.21 points or 1.55 percent to close at 6,665.02 points with 11.210 million shares.

BR Commercial Banks Index gained 9.91 points or 0.11 percent to close at 9,320.77 points with 19.348 million shares.

BR Power Generation and Distribution Index closed at 5,620.73 points, down 9.06 points or 0.16 percent with 9.171 million shares.

BR Oil and Gas Index decreased by 35.72 points or 0.91 percent to close at 3,871.61 points with 9.486 million shares.

BR Tech. & Comm. Index fell by 18.62 points or 0.37 percent to close at 4,981.91 points with 117.581 million shares.

"At the brink of an important MSCI decision regarding reclassification of Pakistan from Emerging Market Index to Frontier Markets Index, the KSE-100 Index lost 300 points in total during the session and closed the session down 189 points," an analyst at Arif Habib Limited said.

Vibes were negative due to continuous selling from foreign counters in cement and banking sector stocks due to MSCI reclassification and otherwise depreciating rupee against USD that makes holding PK stocks a costly affair. Local investors have lately been absorbing negative foreign flows in a gradual and cautious manner.

Sectors contributing to the performance include Cement (down 75 points), E&P (down 39 points), Autos (down 29 points), O&GMCs (down 23 points) and Chemical (down 21 points).

Stocks that contributed positively to the index include NESTLE (up 23 points), HMB (up 17 points), MEBL (up 14 points), PKGS (up 12 points) and IGIHL (up 10 points). Stocks that contributed negatively include LUCK (down 39 points), TRG (down 19 points), HBL (down 15 points), OGDC (down 14 points) and PSO (down 13 points).

Copyright Business Recorder, 2021

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