KARACHI: Pakistan Stock Exchange Tuesday opened on a positive note, however failed to sustain this momentum and closed in red zone due to heavy selling, mainly by foreign investors. Foreign investors remained on the selling side and withdrew $58.393 million from Pakistan capital market.

The KSE-100 Index declined by 257.67 points or 0.57 percent to close at 45,072.38 points. Volumes on ready counter increased to 411.465 million shares as compared to 268.238 million shares traded on Monday.

BRIndex100 lost 16.52 points or 0.36 percent to close at 4,636.56 points with total daily turnover of 316.230 million shares.

BRIndex30 decreased by 73.18 points or 0.39 percent to close at 18,699.64 points with total daily trading volumes of 136.921 million shares.

The market capitalization decreased by Rs 38 billion to Rs 7.720 trillion. Out of total 345 active scrips, 198 closed in negative and 125 in positive while the value of 22 stocks remained unchanged.

Habib Bank was the volume leader with 31.480 million shares however declined by Rs 1.81 to close at Rs 123.35 followed by F. Nat. Equities that lost Rs 0.23 to close at Rs 10.76 with 22.332 million shares.

Rafhan Maize and Systems Limited were the top gainers increasing by Rs 237.63 and Rs 32.04 respectively to close at Rs 9737.63 and Rs 801.60 while Nestle Pakistan and Colgate Palmolive were the top losers declining by Rs 109.84 and Rs 61.67 respectively to close at Rs 5390.18 and Rs 2425.00.

“On the MSCI rebalancing day, the KSE-100 Index witnessed a volatile session as it made a dicey move of more than 1,000 points, making a close above 45,000 points benchmark,” an analyst at Arif Habib Limited said.

E&P sector stayed in the limelight as government is considering a scheme to reduce the stock of the circular debt by declaring dividends for the shareholders of energy sector companies. In the last two trading hours, institutional investors accumulated across the board as it was the last opportunity to catch foreign selling spree due to the transition from emerging to frontier market. Main board stocks witnessed hefty volumes.

Sectors contributing to the performance include Commercial Banks (down 160 points), Fertilizer (down 78 points), Inv. Banks (down 18.3 points), FMCG (down 16.2 points) and Textile Composite (down 12.8 points).

BR Automobile Assembler Index decreased by 77.13 points or 0.89 percent to close at 8,586.12 points with total turnover of 2.547 million shares.

BR Cement Index gained 2.48 points or 0.04 percent to close at 5,947.53 points with 25.639 million shares.

BR Commercial Banks Index declined by 143.59 points or 1.4 percent to close at 10,125.82 points with 94.699 million shares.

BR Power Generation and Distribution Index increased by 58.15 points or 1.06 percent to close at 5,551.65 points with 34.546 million shares.

BR Oil and Gas Index inched up by 6.24 points or 0.17 percent to close at 3,760.63 points with 39.111 million shares.

BR Tech. & Comm. Index closed at 3,888.62 points, up 20.89 points or 0.54 percent with 48.995 million shares.

Muhammad Sohail, leading analyst and CEO of Topline Securities said that it was an eventful day at the Pakistan Stock Exchange on Tuesday as expected due to the MSCI reclassification and the KSE-100 index witnessed a volatile session, printed an intra-day high of 45,757 (up 0.94 percent) and an intra-day low of 44,727 (down 1.33 percent), to eventually settle at 45,072, down 0.57 percent.

Being the cut-off date for Pakistan’s reclassification to the Frontier Market from the Emerging Market, above average activity was seen at the bourse by both local and foreign investors.

The total traded volume today was recorded at a 5 month high with 411.41 million shares traded. In value terms, value in ready/cash market was Rs 34.82 billion ($197.84 million) as compared to an average daily traded value of Rs 18.1 billion ($102.84 million) seen this year. Abnormal market volume was witnessed in the negotiated deal market (NDM) as 24.06 million shares worth Rs 3.1 billion ($17.62 million) exchanged hands.

Out of the MSCI list of outgoing stocks, HBL led the volume charts with 31.48 million shares exchanging hands followed by UBL with 20.84 million shares and MCB with 20.43 million shares traded during the session. In value terms largest value was seen in LUCK of Rs 5.93 billion ($33.69 million) followed by HBL with Rs 3.88 billion ($22.05 million) and MCB with Rs 3.17 billion ($18.01 million).

SYS, OGDC, PPL and PSO were the major contributors to the KSE-100 Index and cumulatively added 135.53 points to the KSE-100 Index while MCB, ENGRO, POL, LUCK, TRG, HBL, FFC, and UBL cumulatively dragged the KSE-100 index lower by 281.94 points.