RECORDER REPORT
KARACHI: Pakistan Stock Exchange Tuesday witnessed a negative trend as the investors opted to book profits on available margins.
BRIndex100 lost 109.2 points or 2.31 percent to close at 4,621.23 points. BRIndex100 touched intraday high of 4,730.43 and intraday low of 4,608.54 points. Volumes stood at 259.149 million shares.
BRIndex30 decreased by 687.15 points or 2.92 percent to close at 22,872.33 points with a turnover of 160.976 million shares.
The benchmark KSE-100 index declined by 844.20 points or 1.94 percent to close at 42,712.43 points. Trading activity also remained low as daily volumes on the ready counter decreased to 274.543 million shares as compared to 377.933 million shares traded Monday.
Foreign investors remained net sellers of shares worth $2.7 million. The market capitalization declined by Rs 111 billion to Rs 8.749 trillion. Out of total 385 active scrips, 287 closed in negative, only 83 in positive while the value of 15 stocks remained unchanged.
WorldCall Telecom was the volume leader with 19.174 million shares. It gained Re 0.10 to close at Rs 2.21 followed by Fauji Cement that declined by Rs 1.10 to close at Rs 24.23 with 17.085 million shares.
Unilever Foods and Colgate Palmolive were the top gainers with Rs 155.00 and Rs 115.50, respectively to close at Rs 7,850.00 and Rs 3,150.00. Nestle Pakistan and Bata Pak were the top losers with Rs 291.00 and Rs 62.70, respectively to close at Rs 10,699.00 and Rs 1,829.00.
BR Commercial Banks Index plunged by 272.02 points or 2.92 percent to close at 9,042.60 points with total turnover of 14.416 million shares.
BR Cement Index declined by 177.63 points or 3.53 percent to close at 4,849.01 points with 53.092 million shares.
BR Oil and Gas Index decreased by 94.55 points or 1.76 percent to close at 5,265.13 points with 11.170 million shares.
BR Tech. & Comm. Index lost 20.9 points or 1.66 percent to close at 1,238.01 points with 32.087 million shares.
BR Power Generation and Distribution Index closed at 5,948.79 points, down 101.84 points or 1.68 percent with 16.577 million shares.
An analyst at Topline Securities said that after rallying consecutively (gaining 3,092 points since July 24, 2018) in the last 4 sessions (National Polls 2018 held on
July 25, 2018), Pakistan equities ended its winning streak and fell 844 points as market participants resorted to profit-taking. Moreover, United States Secretary of State Mike Pompeo warned Pakistan against using IMF bailout fund (in case Pakistan decides to enter the program) to pay off Chinese debt, which further dented market sentiments.
Commercial banks and Fertilizers contributed 318 points to index decline. However, FFBL closed at upper lock due to an offer received from Inner Mongolia Yili Industrial Group Company Limited to acquire 51 percent shares of the company’s subsidiary Fauji Foods Limited.
