PSX in the red: the BRIndex100 down – Markets
KARACHI: Pakistan’s stock market trended downward on Tuesday and closed in the deep red due to widespread selling by local and foreign investors.
The BRIndex100 fell 73.17 points or 1.48% to close at 4,883.03 points. During the session, the BRIndex100 hit an intraday high of 4,997.51 points and an intraday low of 4,860.65 points. Total volumes amounted to 288.220 million shares.
BRIndex30 fell 408.97 points or 1.68% to close at 23,997.65 points with total daily revenue of 182.007 million shares.
The KSE-100 index plunged 519.36 points or 1.12% and closed at 46,008.85 points. Daily trading volumes on the ready meter, however, improved to 325.882 million shares from 194.720 million shares traded on Monday.
Foreign investors also remained net sellers of stocks valued at $ 751,824. The total market capitalization fell from 96 billion rupees to 7,997 billion rupees. Of a total of 519 active scripts, 398 closed negative and 103 closed positive while the value of 18 shares remained unchanged.
Telecard Limited was the volume leader with 28.116 million shares and gained 0.05 Re to close at 22.06 Rs, followed by WorldCall Telecom which closed at 3.11, down 0.08 Re with 26.432 million shares. Nestlé Pakistan and Colgate Palmolive were the main winners, increasing by Rs 104.99 and Rs 40.10 respectively to close at Rs 591.00 and Rs 2,438.08, while Pak Tobacco and Gatron Industries were the main losers, declining of Rs 41.00 and Rs 32.99 respectively to close at Rs 1,155.00 and Rs. 480.01.
The BR Automobile Assembler index fell 123.49 points or 1.34% to close at 9,071.11 points with total sales of 2.209 million shares.
The BR Cement index plunged 158.39 points or 2.54% to close at 6,085.59 points with 19.964 million shares.
The BR index of commercial banks fell 46.31 points or 0.48% to close at 9,560.33 points with 40.952 million shares.
The BR Power Generation and Distribution index lost 17.79 points or 0.32% to close at 5,537.40 points with 13.094 million shares.
The BR Oil and Gas index closed at 3,764.08 points, down 31.42 points or 0.83% with 10.823 million shares.
The BR Tech & Comm index fell 112.16 points or 2.17% to close at 5,046.62 points with 102.115 million shares.
An analyst from Arif Habib Limited said the market saw a 305 point increase during the session at the start of the session, but lost that gain and by the end of the session a total of 1055 points (including the erosion of 305 points earned earlier). The closing market (MoC) fell sharply, with the index closing at -519 points.
The sale was observed in all areas, with a strong involvement in the technology and cement sectors. Despite a low level of leverage in the market in the DFC, MTS and MFS segments, the index fell due to redemption calls in mutual funds. Regardless of the sharp drop in the index, overall trading volumes remained low compared to the hay days seen in the outgoing fiscal year.
The sectors contributing to performance are Cement (-101 points), Technology (-81 points), Banking (-45 points), Fertilizers (-39 points) and E&P (-34 points).
Stocks that made a positive contribution to the index include HMB (up 18 points), MCB (up 18 points), BAFL (up 14 points), ANL (up 14 points) and COLG (up 14 points), increase of 7 points). Stocks that contributed negatively include SYS (down 53 points), MEBL (down 37 points), HBL (down 34 points), LUCK (down 32 points) and TRG (down 23 points) ).
Copyright Business Recorder, 2021