KSE-100 Index stays bearish: BRIndex100 extends losses

Pakistan Stock Exchange Friday witnessed another bearish session due to panic selling on investor concern over geopolitical and economic situation. BRIndex100 lost 70.97 points or 2.26 percent to close at 3,075.81 points. BRIndex100 touched intraday high of 3,154.87 and intraday low of 3,063.25 points. Volumes stood at 98.901 million shares. BRIndex30 decreased by 402.39 points or 2.5 percent to close at 15,707.71 points with a turnover of 68.738 million shares.
The KSE-100 Index declined by 486.84 points or 1.61 percent to close below 30,000 crucial level at 29,672.12 points. Trading activity remained low as daily volumes on the ready counter decreased to 109.964 million shares as compared to 118.586 million shares traded Thursday. The market capitalization declined by Rs 41 billion to Rs 6.082 trillion. Out of total 322 active scrips, 231 closed in negative, only 77 in positive while the value of 14 stocks remained unchanged.
K-Electric was the volume leader with 10.088 million shares. However, it lost Re 0.17 to close at Rs 3.05 followed by WorldCall Telecom that closed at Re 0.75, down Rs 0.01 with 5.358 million shares. Nestle Pakistan and Pak Tobacco were the top gainers with Rs 290.00 and Rs 114.99, respectively to close at Rs 6,090.00 and Rs 2,415.00. Sanofi-Aventis and Siemens Pak were the top losers with Rs 26.12 and Rs 24.98, respectively to close at Rs 496.38 and Rs 585.01.
BR Automobile Assembler Index decreased by 58.54 points or 1.22 percent to close at 4,743.23 points with total turnover of 972,900 shares. BR Cement Index declined by 49.84 points or 1.83 percent to close at 2,673.45 points with 11.563 million shares. BR Commercial Banks Index fell by 55.39 points or 0.77 percent to close at 7,179.41 points with 8.957 million shares. BR Power Generation and Distribution Index plunged by 161.33 points or 3.82 points to close at 4,061.20 points with 12.838 million shares.
BR Oil and Gas Index closed at 3,106.14 points, down 100.31 points or 3.13 percent with 9.318 million shares. BR Tech. & Comm. Index lost 29.24 points or 4.53 percent to close at 615.91 points with 13.472 million shares. Ahsan Mehanti at Arif Habib Limited said that panic selling continued at PSX amid higher trades in future rollover week on investor concerns over resolve for Kashmir tensions.
He said S&P affirmations on Pakistan ratings at B-/B and ADB approvals on $7.5 billion assistance invited mid-session support. He said uncertainty over outcome of FATF evaluations and concerns over higher fiscal imbalance played a catalyst role in bearish close.