RECORDER REPORT

KARACHI: Pakistan Stock Exchange witnessed heavy selling pressure due to investor concerns over the prevailing political situation in the country.

BRIndex100 lost 112.16 points or 2.46 percent to close at 4,456.13 points Tuesday. During the session, the index touched intraday high of 4,568.52 points and intraday low of 4,447.49 points. The volume stood at 108.974 million shares.

BRIndex30 decreased by 583.15 points or 2.52 percent to 22,569.89 points with total turnover of 66.014 million shares.

The benchmark KSE-100 index declined by 903.12 points to 41,115.78 points. The trading volumes increased to 121.284 million shares as compared to 88.879 million shares traded Monday.

Foreign investors however remained net buyers of shares worth $1.2 million. The market capitalization decreased by Rs 152 billion to Rs 8.636 trillion. Out of total 392 active scrips, 328 closed in negative, 51 in positive while the value of 13 stocks remained unchanged.

Maple Leaf was the volume leader with 9.567 million shares. However, it declined by Rs 4.10 to close at Rs 78.87 followed by TRG Pak that decreased by Rs 1.74 to close at Rs 35.31 with 6.830 million shares.

Wyeth Pak and Bhanero Textile were the top gainers with Rs 86.25 and Rs 36.35, respectively to close at Rs 1,839.75 and Rs 763.63. Murree Brewery and Indus Motor Co were top losers with Rs 41.06 and Rs 28.15, respectively to close at Rs 784.94 and Rs 1,670.00.

BR Commercial Banks Index lost 145.14 points or 1.79 percent to close at 7,950.56 points with total turnover of 13.303 million shares.

BR Cement Index declined by 273.99 points or 4.8 percent to close at 5,435.23 points with 21.452 million shares.

BR Oil and Gas Index decreased by 85.68 points or 1.75 percent to close at 4,797.43 points with 7.828 million shares.

BR Tech. & Comm. Index closed at 1,220.41 points, down 37.08 points or 2.95 percent with 14.682 million shares.

BR Power Generation and Distribution Index lost 66.75 points or 0.95 percent to close at 6,989.44 points with 8.033 million shares.

Maaz Mulla at JS Global Capital said that the KSE-100 plummeted in the trading session closing 903 points below Monday’s close at 41,116 level (down 2.15 percent) as concerns over political scenario continued to keep investors’ confidence on the weaker side. Cement sector led the decline in the market as LUCK (down 5.0 percent), DGKC (down 5.0 percent), MLCF (down 4.9 percent), CHCC (down 5.0 percent) and FCCL (down 5.0 percent) all closed at their lower circuit, cumulatively contributing minus161 points to the index. E&P sector lost value to close in the red zone where PPL (down 3.1 percent), POL (down 0.2 percent) and OGDC (down 2.2 percent) were the major loser of the sector. Fertilizer sector also witnessed bearish momentum with FFBL (down 3.5 percent), FATIMA (down 2.5 percent) and FFC (down 2.4 percent) closed in the red trajectory.

Ahsan Mehanti at Arif Habib Corporation said that the stocks fell sharply lower closed bearish on political noise over PM NAB references amid threat of resignation by interior minister and concerns over outcome of IHC dismissed petitions challenging corruption proceedings. He said dismal economic outlook, uncertainty over outcome of EU GSP plus review this month, dismal data on cement and fertilizer sales for September 2017, falling global crude prices on higher Opec output and political uncertainty played a catalyst role in bearish close at PSX.