KSE-100 Index keeps falling: BRIndex100 turns bearish

Pakistan Stock Exchange Wednesday witnessed a bearish trend due to selling in various sectors.

BRIndex100 lost 25.19 points or 0.55 percent to close at 4,524.05 points. BRIndex100 touched intraday high of 4,550.28 and intraday low of 4,510.97 points. Volumes stood at 157.199 million shares.

BRIndex30 decreased by 154.65 points or 0.64 percent to close at 23,906.15 points with daily turnover of 102.003 million shares.

The KSE-100 Index declined by 214.02 points or 0.50 percent to close at 42,993.02 points. Trading activity remained thin as daily volumes on the ready counter decreased to 171.256 million shares as compared to 249.669 million shares traded Tuesday.

The market capitalization declined by Rs 22 billion to Rs 8.058 trillion. Out of total 364 active scrips, 224 closed in negative, 120 in positive while the value of 20 stocks remained unchanged.

Bank of Punjab was the volume leader with 19.650 million shares.

It gained Re 0.12 to close at Rs 13.50 followed by Maple Leaf that inched up by Re 0.40 to close at Rs 23.24 with 18.256 million shares. Philip Morris Pak and Pak Tobacco were the top gainers with Rs 83.54 and Rs 24.99, respectively to close at Rs 2,379.90 and Rs 2,229.00. Bata Pak and Pak Services were the top losers with Rs 69.72 and Rs 49.50, respectively to close at Rs 1,910.28 and Rs 940.50.

BR Automobile Assembler Index decreased by 52.47 points or 0.85 percent to close at 6,150.83 points with total turnover of 2.167 million shares.

BR Cement Index gained 13.27 points or 0.34 percent to close at 3,906.12 points with 34.422 million shares.

BR Commercial Banks Index lost 20.21 points or 0.2 percent to close at 10,198.82 points with 32.961 million shares.

BR Power Generation and Distribution Index declined by 70.93 points or 1.2 percent to close at 5,843.12 points with 6.579 million shares.

BR Oil and Gas Index fell by 42.51 points or 0.84 percent to close at 5,042.75 points with 9.064 million shares.

BR Tech. & Comm. Index closed at 1,062.13 points, down 7.49 points or 0.7 percent with 16.224 million shares.

Ahsan Mehanti at Arif Habib Corporation said that pressure remained in select scrips across-the-board amid uncertainty in global equities and slump in global crude oil prices.

He said political uncertainty, investors concerns over falling local cement prices, slump in auto sales and surging circular debt crises played a catalytic role in bearish close.