BRIndex100 plummets
RECORDER REPORT
KARACHI: Uncertainly on political and economic fronts invited panic selling and Pakistan Stock Exchange Monday closed in deep red.
BRIndex100 lost 80.42 points or 2.18 percent to close at 3,612.05 points. BRIndex100 touched intraday high of 3,699.88 and intraday low of 3,608.70 points. Volumes stood at 70.553 million shares.
BRIndex30 decreased by 440.31 points or 2.34 percent to close at 18,406.20 points with a turnover of 51.583 million shares.
The KSE-100 index declined by 653.30 points or 1.86 percent to close at 34,471.95 points. Trading activity remained extremely low as daily volumes on the ready counter decreased to 78.764 million shares as compared to 129.305 million shares traded Friday.
Foreign investors however remained net buyers of shares worth $0.8 million. The market capitalization declined by Rs 96 billion to Rs 6.967 trillion. Out of total 337 active scrips, 273 closed in negative, only 46 in positive while the value of 18 stocks remained unchanged.
K-Electric was the volume leader with 6.399 million shares. It closed at Rs 4.25 without any change followed by TRG Pak that lost Re 1.00 to close at Rs 17.11 with 5.396 million shares. Philip Morris Pak and Nestle Pakistan were the top gainers with Rs 169.53 and Rs 69.50, respectively to close at Rs 3,818.53 and Rs 6,917.50. Mari Petroleum and Abbott Lab were the top losers with Rs 34.74 and Rs 23.27, respectively to close at Rs 1,021.55 and Rs 442.15.
BR Automobile Assembler Index declined by 101.01 points or 1.7 percent to close at 5,846.40 points with total turnover of 847,880 shares.
BR Cement Index plunged by 158.66 points or 4.95 percent to close at 3,047.53 points with 13.945 million shares.
BR Commercial Banks Index decreased by 89.83 points or 1.09 percent to close at 8,129.05 points with 5.706 million shares.
BR Power Generation and Distribution Index closed at 4,969.99 points, 27.86 points or 0.56 percent with 9.645 million shares.
BR Oil and Gas Index declined by 114.37 points or 2.73 percent to close at 4,080.58 points with 7.123 million shares.
BR Tech. & Comm. Index lost 31.31 points or 3.89 percent to close at 773.95 points with 8.910 million shares.
Maaz Mulla at JS Global Capital said that the Pakistan equities closed on a bearish note with KSE-100 Index nose-diving 653 points, closing at 34,472 levels, down 1.9 percent. The local bourse kicked off on a positive note, making a high of plus 69 points but soon came under pressure to touch a low of down 757 points.
The Cement sector came under pressure where LUCK (down 5.0 percent), FCCL (down 6.1 percent), DGKC (down 5.0 percent), MLCF (down 5.0 percent), KOHC (down 5.0 percent) and CHCC (down 5.0 percent) closed in the lower circuit as the reports came in of further price cuts in the North.
Moreover oil sector also showed a dismal image despite oil prices extending gains in the international market prompted by tensions between Iran and the United States. In the E&P sector, PPL (down 2.2 percent), OGDC (down 1.8 percent) and POL (down 2.9 percent) closed in the red zone. ENGRO (down 1.7 percent) was the major laggard in the Fertilizer sector. In the Financials HBL (down 1.7 percent) was the major laggard.
