RECORDER REPORT

KARACHI: Bears kept dominating the Wednesday’s proceedings at the equity market and the KSE-100 index shed 300 points to close at 32,144 points.

The benchmark index showed volatility by hitting the intraday high and low of 32,464 points and 32,106 points. Trading turnover ended higher at 168.8 million shares worth Rs 9.32 billion.

The number of scrips traded stood at 336 of which 106 rose, 212 declined while 18 stayed unchanged.

With the market capital accumulating down to Rs 6.87 trillion, the foreign portfolio investment remained negative marking $ 4.05 million net selling.

The foreign corporate investors were major sellers of portfolios worth $ 3.2 million compared to $ 20,967 and $ 791,942 of individuals and overseas Pakistanis.

PTC was the most-traded issue with 13.2 million trading turnover, closing the day up at Rs 15.07. JSCL, TRG Pakistan, PIA, SNGPL, DG Khan Cement, Pak Elektron (R), Byco Petroleum, Pak Elektron and Pace Pakistan were other best performing stocks.

Growth was seen in futures contracts which were traded as 22.6 million compared to Tuesday’s 20.7 million.

“Stocks closed lower amid slump in global crude below $29/barrel weakening the earnings outlook for oil stocks,” said Ahsan Mehanti at Arif Habib Corp.

The analyst said broad sell-off in selected scrips across the board on uncertainty in global equities played a catalyst role for the day’s bearish close in the earnings results season.

Investors, he said, ignored strong financial results in cement, banking and fertilizer scrips.