BRIndex100 extends losses

A bearish trend continued on Pakistan Stock Exchange on the second day of the week due to selling in various sectors. BRIndex100 lost another 30.59 points or 0.76 percent to close at 4,012.06 points on Tuesday. BRIndex100 touched intraday high of 4,044.33 and intraday low of 4,000.77 points. Volumes stood at 83.877 million shares. BRIndex30 decreased by 38.8 points or 0.18 percent to close at 21,162.97 points with a turnover of 55.144 million shares.
The KSE-100 index declined by 193.36 points or 0.50 percent to close at 38115.81 points. Daily trading volumes rose to 90.623 million shares as compared to 66.826 million shares traded Monday. Foreign investors remained net sellers of shares worth $1.8 million. The market capitalization increased by Rs 01 billion to Rs 7.720 trillion. Out of total 332 active scrips, 194 closed in negative, 111 in positive while the value of 27 stocks remained unchanged.
K-Electric was the volume leader with 14.288 million shares. It gained Re 0.17 to close at Rs 5.97 followed by Bank Al-Habib that lost Re 0.51 to close at Rs 73.49 with 5.665 million shares. Nestle Pakistan and Pak Tobacco were the top gainers with Rs 300.00 and Rs 107.69, respectively to close at Rs 9,150.00 and Rs 2,390.54. Rafhan Maize and Colgate Palmolive were the top losers with Rs 180.00 and Rs 114.00, respectively to close at Rs 6,620.00 and Rs 2,311.00.
BR Commercial Banks Index decreased by 74.66 points or 0.91 percent to close at 8,173.45 points with total turnover of 15.634 million shares. BR Cement Index lost 15.53 points or 0.37 percent to close at 4,237.92 points with 7.619 million shares.
BR Oil and Gas Index declined by 47.49 points or 1.01 percent to close at 4,643.59 points with 3.036 million shares. BR Tech. & Comm. Index closed at 1,014.92 points, down 1.3 points or 0.13 percent with 8.171 million shares. BR Power Generation and Distribution Index increased by 71.23 points or 1.2 percent to close at 6,022.56 points with 15.638 million shares.
An analyst at Arif Habib Limited said that the KSE-100 index registered consecutive loss and briefly traded below 38,000. Stocks that put pressure on the index during the day were NML, HBL on one hand and otherwise the decline in oil sector due to the dip in international crude prices. OGDC, PPL, POL and MARI posted declines today. Cement sector saw buying in the final hour, with PIOC, DGKC and MLCF as major beneficiaries. Besides, refinery sector also improved on the back of lower oil prices with anticipation of positive GRMs. OMCs, on the other hand, faced selling pressure due to expectation of inventory and foreign exchange losses. As the Index continues to slide, institutional investors, especially Mutual Funds are observed taking negative bets, which was seen 2 weeks back as well.
Sectors contributing to the performance include Banks (down 116 points), E&P (down 95 points), Fertilizer (down 31 points) Cement (down 24 points) and Insurance (down 12 points).
Stocks that contributed positively include PAKT (up 30 points), NESTLE (up 12 points), KEL (up 11 points), DAWH (up 10 points) and HMB (up 10 points) and stocks that contributed negatively include PPL (down 46 points), HBL (down 44 points), POL (down 38 points), LUCK (down 22 points) and LUCK (down 18 points).