PSX hit by selling pressure: BRIndex100 inches down

After witnessing a mixed trend during Thursday's trade, Pakistan Stock Exchange closed on a negative note due to selling at the fag end. BRIndex100 lost 10.52 points or 0.25 percent to close at 4,222.30 points. BRIndex100 touched intraday high of 4,255.14 and intraday low of 4,188.21 points. Volumes stood at 203.751 million shares.

BRIndex30 decreased by 99.27 points or 0.45 percent to close at 21,803.27 points with a turnover of 147.500 million shares.

The KSE-100 Index closed at 40,514.17, down 17.25 points or 0.04 percent. Trading activity also remained thin as daily volumes on the ready counter decreased to 227.022 million shares as compared to 305.027 million shares traded Wednesday.

The market capitalization increased by 28 billion to Rs 7.827 trillion. Out of total 366 active scrips, 225 closed in negative, 125 in positive while the value of 16 stocks remained unchanged.

Unity Foods was the volume leader with 37.752 million shares. It gained Re 0.24 to close at Rs 14.90 followed by TRG Pak that lost Re 0.99 to close at Rs 24.01 with 12.899 million shares. Rafhan Maize and Nestle Pakistan were the top gainers with Rs 145.00 and Rs 130.00, respectively to close at Rs 7,200.00 and Rs 8,080.00. Sapphire Textile and Philip Morris Pak were the top losers with Rs 55.19 and Rs 44.95, respectively to close at Rs 1,048.81 and Rs 2,450.00.

BR Automobile Assembler Index gained 12.34 points or 0.2 percent to close at 6,322.18 points with total turnover of 5.732 million shares.

BR Cement Index decreased by 33.62 points or 0.91 percent to close at 3,655.42 points with 23.131 million shares.

BR Commercial Banks Index lost 22.64 points or 0.24 percent to close at 9,454.49 points with 19.155 million shares.

BR Power Generation and Distribution Index declined by 32.64 points or 0.59 percent to close at 5,482.75 points with 10.872 million shares.

BR Oil and Gas Index inched up by 16.94 points or 0.38 percent to close at 4,522.43 points with 19.310 million shares.

BR Tech. & Comm. Index closed at 988.01 points, down 17.65 points or 1.76 percent with 27.271 million shares.

An analyst at Arif Habib Limited said that the market traded no different than what it has been since the beginning of the week. The index oscillated between negative 359 points and positive 238 points during the session and closing at minus 17 points.

Selling pressure remained there, which was primarily been due to profit-taking by investors. Wednesday's decline in PIB yields failed to prop up the index. None of the listed sector companies remained unscathed but the selling pressure was most witnessed in Cement sector. Going with the recent trend, Vanaspati sector led the trading volumes with 37.7 million shares, followed by Technology (27.2 million shares) and Cement (23.1 million shares).

Sectors contributing to the performance include E&P (up 53 points), Tobacco (up 32 points), Inv Banks (up 27 points), Chemical (up 13 points), O&GMCs (down 26 points), Banks (down 25 points) and Cement (down 21 points).

Stocks that contributed positively include PAKT (up 35 points), PPL (up 24 points), DAWH (up 20 points), OGDC (up 20 points) and COLG (up 13 points). Stocks that contributed negatively include BAHL (down 24 points), SNGP (down 16 points), HUBC (down 14 points), TRG (down 12 points) and SEARL (down 12 points).