Pakistan Stock Exchange Friday witnessed another bearish session due to continuous selling in almost all sectors. BRIndex100 lost 85.56 points or 1.88 percent to close at 4,454.43 points. BRIndex-100 touched intraday high of 4,550.31 and intraday low of 4,444.62 points. Volumes stood at 150.383 million shares.
BRIndex30 decreased by 477.46 points or 2.12 percent to close at 22,006.74 points with a turnover of 111.417 million shares. The benchmark KSE-100 index plunged by 721.23 points or 1.70 percent to close below 42,000 psychological level at 41,637.38 points. Trading activity also remained low as daily volumes decreased to 178.968 million shares as compared to 241.681 million shares traded Thursday.
Foreign investors remained net sellers of equities worth $9.4 million. The market capitalization declined by Rs 152 billion to Rs 8.539 trillion. Out of total 347 active scrips, 257 closed in negative, only 75 in positive while the value of 15 stocks remained unchanged. K-Electric was the volume leader with 20.260 million shares. However, it lost Re 0.18 to close at Rs 5.32 followed by Bank of Punjab that decreased by Re 0.35 to close at Rs 12.44 with 15.872 million shares.
Colgate Palmolive and Indus Dying were the top gainers with Rs 30.50 and Rs 29.64, respectively to close at Rs 3,099.00 and Rs 623.64. Rafhan Maize and Pak Tobacco were the top losers with Rs 376.90 and Rs 106.70, respectively to close at Rs 7,425.60 and Rs 2,027.31.
BR Commercial Banks Index lost 99.64 points or 1.16 percent to close at 8,492.72 points with a turnover of 43.219 million shares. BR Cement Index decreased by 100.86 points or 2.14 percent to close at 4,606.52 points with 11.337 million shares. BR Oil and Gas Index declined by 126.65 points or 2.34 percent to close at 5,289.01 points with 5.474 million shares.
BR Tech. & Comm. Index closed at 1,138.35 points, down 35.86 points or 3.05 percent with 10.375 million shares. BR Power Generation and Distribution Index plunged by 164.9 points or 2.72 percent to close at 5,890.67 points with 25.480 million shares. An analyst at Arif Habib Limited said that unabated selling from Mutual Funds had the index tumbled down to 41,637 points. Stocks which draw the ire included MCB, BAFL, ISL, DGKC, PAEL, LOTCHEM and last hour proved to be the deciding chapter. Index dropped close to 800 points and buyers started panicking with the continuing onslaught. Repo activity continued for the third day and resulted in high volumes, but unlikely to continue in the coming sessions, which will bring down the volumes.
Sectors contributing to this decline include E&P (down 151 points), Banks (down 148 points), Cement (down 77 points), Power (down 77 points), and Fertilizer (down 68 points). Scripts that contributed positively include THALL (up 7 points), COLG (up 3 points), KTML (up 3 points), PSMC (up 2 points) and JLICL (up 1 point). Stocks that contributed negatively include HBL (down 57 points), HUBC (down 53 points), PPL (down 53 points), OGDC (down 45 points) and BAHL (down 45 points).