RECORDER REPORT

KARACHI: Pakistan Stock Exchange remained under pressure throughout the day, mainly due to foreign and institutional selling. Foreign investors sold equities worth $19.2 million. BRIndex100 lost 94.23 points or 2.19 percent to close at 4,215.41 points Tuesday. BRIndex100 touched intraday high of 4,310.05 and an intraday low of 4,211.59 points. Total volumes stood at 128.320 million shares.

BRIndex30 decreased by 473.82 points or 2.23 percent to 20,763.56 points with a turnover of 98.263 million shares.

The benchmark KSE-100 index declined by 707.13 points or 1.75 percent and closed below 40,000 psychological level at 39,617.19 points. Daily trading volumes on the ready counter increased to 139.435 million shares as compared to 98.711 million shares traded Monday.

The market capitalization decreased by Rs 91 billion to Rs 8.260 trillion. Out of total 359 active scrips, 269 closed in negative, only 76 in positive while the value of 14 stocks remained unchanged.

Pak Elektron was the volume leader with 13.313 million shares. However, it declined by Rs 2.18 to close at Rs 58.99 followed by K-Electric that lost Rs 0.17 to close at Rs 5.54 with 10.230 million shares.

Pak Tobacco and Mari Petroleum were the top gainers with Rs 72.64 and Rs 29.96, respectively to close at Rs 1,549.98 and Rs 1,450.00. Khyber Tobacco and Wyeth Pak were the top losers with Rs 85.49 and Rs 78.55, respectively to close at Rs 1,624.50 and Rs 1,680.67.

BR Commercial Banks Index decreased by 157.58 points or 2.03 percent to close at 7,591.48 points with total turnover of 14.781 million shares.

BR Cement Index decreased by 149.91 points or 2.9 percent to close at 5,011.05 points with 11.125 million shares.

BR Oil and Gas Index closed at 4,859.52 points, down 45.94 points or 0.94 percent with 18.486 million shares.

BR Tech. & Comm. Index lost 38 points or 3.3 percent to close at 1,113.66 points with 13.247 million shares.

BR Power Generation and Distribution Index plunged by 131.19 points or 2.06 percent to close at 6,246.45 points with total turnover of 13.290 million shares.

Ahsan Mehanti at Arif Habib Corporation said that panic gripped stocks across the board on prevailing political noise, surging trade deficit and investor concerns for foreign outflows. S&P affirmation on Pakistan Sovereign Ratings and outlook at B and stable amid political woes invited early session support. He said profit taking near quarter end earnings season close, prevailing economic uncertainty and falling FX reserves played a catalyst role in bearish close.

An analyst at Topline Securities said that the market remained in pressure throughout the day, drifting lower as lack of triggers and institutional selling forced the market to close below the key psychological level of 40,000 again for second time in outgoing month. The market closed at 12-month low of 39,600 points.

During the month of October 2017, KSE-100 has shed 7 percent making it the worst October since 1998. During the current calendar year to date the market has fallen 17 percent and is down 25 percent from its peak.