The PSX turns bearish: the BRIndex100 slips – Markets
KARACHI: Despite foreign buying, the Pakistan Stock Exchange experienced a downtrend on Friday and closed on a negative note due to selling by local investors. BRIndex100 lost 23.64 points or 0.51% to close at 4,652.36 points. The BRIndex100 hit an intraday high of 4,685.11 points and an intraday low of 4,645.24 points. Volumes amounted to 157.543 million shares.
BRIndex30 fell 307.87 points or 1.38% to close at 22,060.95 points with revenue of 90.956 million shares.
The KSE-100 index fell 108.81 points or 0.24% and closed at 44,477.24 points. Trading activity remained weak as daily volumes on the loan meter declined to 176.069 million shares from 296.037 million shares traded on Thursday.
Foreign investors, however, remained net buyers of shares valued at $ 4.142 million. The total market capitalization, however, increased by 4 billion rupees to 7,786 billion rupees. Out of a total of 550 active scripts, 369 closed negative and 165 positive while the value of 16 shares remained unchanged.
WorldCall Telecom was the volume leader with 18.534 million shares and closed at Rs 2.53, down Rs 0.01 followed by Telecard Limited which lost Rs 0.59 to close at Rs 18.67 with 14.159 million actions. Unilever Foods and Colgate Palmolive were the main winners, increasing by Rs 1,200.00 and Rs 97.95 respectively to close at Rs 20,400.00 and Rs 2,448.00, while Highnoon (Lab) and Rafhan Maize were the main losers, decreasing of Rs 27.82 and Rs 25.00 respectively to close at Rs 589.18. and Rs 10,900.00.
The BR Automobile Assembler index gained 32.29 points or 0.38% to close at 8,619.65 points with total sales of 1.727 million shares.
The BR Cement index fell 111.69 points or 1.99% to close at 5,512.37 points with 9.836 million shares.
The BR index of commercial banks rose 41.75 points or 0.45% to close at 9,395.30 points with 23.037 million shares.
The BR Power Generation and Distribution index fell 50.32 points or 0.92% to close at 5,426.61 points with 5.161 million shares.
The BR Oil and Gas index lost 0.76 points or 0.02% to close at 3,738.95 points with 8.277 million shares.
BR Tech. & Comm. The index closed at 4,720.88 points, up 13.61 points or 0.29% with 52.488 million shares.
Ahsan Mehanti of Arif Habib Corporation said the shares closed lower due to limited trade amid investor concerns over foreign capital outflows. institutional interest after the recovery of the rupee.
He said dismal data on cement sales down 6% in July-September 2021 and concerns over an 11.5% year-on-year increase in public debt close to Rs 39.7 trillion in August 2021 played a catalytic role in the bearish close.
Copyright Business Recorder, 2021