A bearish trend continued on Pakistan Stock Exchange due to selling by local investors. Foreign investors however remained net buyers of shares worth $4.7 million. BRIndex100 lost 41.14 points or 0.81 percent to close at 5,007.56 points Friday. BRIndex100 touched intraday high of 5,048.72 and intraday low of 5,006.42 points. Volumes stood at 162.914 million shares.
BRIndex30 decreased by 202.02 points to close at 25,642.86 points with a turnover of 98.180 million shares. The benchmark KSE-100 index declined by 259.85 points to 46,071.86 points. Trading activity also remained low as daily volumes on the ready counter decreased to 197.385 million shares as compared to 332.906 million shares traded Thursday.
The market capitalization declined by Rs 37 billion to Rs 9.443 trillion. Out of total 367 active scrips, 217 closed in negative, 132 in positive while the value of 18 stocks remained unchanged. K-Electric was the volume leader with 36.158 million shares. It gained Re 0.05 to close at Rs 7.11 followed by Engro Polymer that lost Re 0.69 to close at Rs 39.22 with 10.867 million shares. Sapphire Textile and Colgate Palmolive were the top gainers with Rs 82.00 and Rs 49.00, respectively to close at Rs 1,828.00 and Rs 2,900.00. Unilever Foods and Bata Pak were the top losers with Rs 349.00 and Rs 74.17, respectively to close at Rs 9,401.00 and Rs 2,792.50.
BR Commercial Banks Index decreased by 56.61 points or 0.6 percent to close at 9,322.88 points with total turnover of 15.497 million shares. BR Cement Index declined by 125.99 points or 2.0 percent to close at 6,170.19 points with 23.843 million shares. BR Oil and Gas Index lost 31.01 points or 0.56 percent to close at 5,554.50 points with 7.413 million shares. BR Tech. & Comm. Index closed at 1,230.36 points, down 5.07 points or 0.41 percent with 6.351 million shares.
BR Power Generation and Distribution Index gained 33.1 points or 0.48 percent to close at 6,948.71 points with 38.701 million shares. An analyst at Arif Habib Limited said the KSE-100 took a negative turn, which also saw court decision against Nawaz Sharif disqualifying him from contesting elections for life. Initial response of the market was a pause and slight recovery, perhaps a sigh of relief that the matter saw conclusion, however, later selling pressure resumed and blue chips saw pressure building up.
KEL continued to play positive with high volumes in consecutive session on the expectation of deal clearance from relevant authorities. Banks, Cement, Steel, E&P and Fertilizer failed to keep investors' interest intact and ended the session in red. The KSE-100 Index closed at 46,072 points showing a decline of 260 points or 0.6 percent. Sectors contributing to this performance include Cement (down 87 points), E&P (down 54 points), Commercial Banks (down 48 points), O&GMCs (down 29 points) and Textile (down 17 points).
Scripts that contributed positively include HUBC (up 12 points), DAWH (up 11 points), BAHL (up 10 points), COLG (up 5 points) and GHGL (up 5 points). Stocks that contributed negatively include LUCK (down 43 points), OGDC (down 35 points), MCB (down 31 points), UBL (down 27 points) and DGKC (down 19 points.