KARACHI: Despite foreign buying, Pakistan Stock Exchange Wednesday witnessed a bearish trend and closed in deep red with heavy losses due to selling by local investors in various sectors. BRIndex100 decreased by 64.49 points or 1.32 percent to close at 4,818.54 points. BRIndex100 hit intraday high of 4,884.50 points and intraday low of 4,700.97 points. Total volumes stood at 508.666 million shares.
BRIndex30 declined by 557.21 points or 2.32 percent to close at 23,440.44 points with a turnover of 376.040 million shares.
The KSE-100 Index plunged by 411.61 points or 0.89 percent and closed below 46,000 crucial level at 45,597.24 points. Daily trading volumes on ready counter increased to 583.732 million shares as compared to 325.882 million shares traded Tuesday.
Foreign investors however remained net buyers of shares worth $6.847 million. Total market capitalization declined by Rs 65 billion to Rs 7.932 trillion. Out of total 525 active scrips, 413 closed in negative and only 99 in positive while the value of 13 stocks remained unchanged.
WorldCall Telecom was the volume leader with 91.050 million shares however lost Rs 0.13 to close at Rs 2.98 followed by Azgard Nine that closed at Rs 22.53, down Rs 1.61 with 36.194 million shares. Gatron Industries and Pak Engineering were the top gainers increasing by Rs 34.99 and Rs 21.99 respectively to close at Rs 515.00 and Rs 324.00 while Rafhan Maize and Nestle Pakistan were the top losers declining by Rs 424.99 and Rs 110.00 respectively to close at Rs 10,575.00 and Rs 5800.00.
BR Automobile Assembler Index declined by 138.49 points or 1.53 percent to close at 8,932.62 points with total turnover of 4.465 million shares.
BR Cement Index lost 42.08 points or 0.69 percent to close at 6,043.51 points with 28.622 million shares.
BR Commercial Banks Index fell by 31.1 points or 0.33 percent to close at 9,529.23 points with 41.826 million shares.
BR Power Generation and Distribution Index decreased by 54.01 points or 0.98 percent to close at 5,483.39 points with 17.981 million shares.
BR Oil and Gas Index closed at 3,735.20 points, down 28.88 points or 0.77 percent with 33.099 million shares.
BR Tech. & Comm. Index plunged by 138.65 points or 2.75 percent to close at 4,907.97 points with 190.483 million shares.
“Market continued trending downward and lost a total of 1221 points during the session and closed negative 412 points while posting partial recovery,” an analyst at Arif Habib Limited said.
Leveraged positions of retail investors played havoc on market, which received margin calls after continuous declines witnessed in the Index for the past couple of sessions.
Technology and Refinery sectors got hurt the most however, selling pressure was also observed in Cement, Steel, Fertilizer, Banks and E&P sectors.
Sectors contributing to the performance include Technology (down 77 points), E&P (down 40 points), Textile (down 38 points), Fertilizer (down 35 points) and Refinery (down 33 points).
Stocks that contributed positively to the index include MEBL (up 26 points), MCB (up 11 points), SNGP (up 9 points), FCCL (up 9 points) and INIL (up 8 points). Stocks that contributed negatively include TRG (down 38 points), SYS (down 38 points), HBL (down 25 points), UBL (down 20 points) and CHCC (down 16 points).
Copyright Business Recorder, 2021
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