Bourse turns bearish, sheds 526 points

KARACHI: It was a tough day for the investors who saw the indices crumble at the Pakistan Stock Exchange (PSX) after two positive sessions. The benchmark KSE-100 Index slid below the 38,000-mark intraday, while volumes fell slightly from the previous session.

Foreign investors ended as net buyers for the second successive session on Tuesday with a net inflow of $3.96 million.

The KSE-100 Index breached 38,000-mark and recorded its intraday low at 37,977.63. It settled lower by 526.69 points at 38,037.68. The KMI-30 Index was down by 1,049.49 points or -1.67pc to close at 61,690.51, while the KSE All Share Index depreciated by 330.13 points, ending at 26,896.80. Out of the total traded shares, 119 advanced and 211 declined.

The overall trading volumes declined by 15pc and were recorded at 327.64 million. Worldcall Telecom (WTL +0.63pc) turned out to be the volume leader, followed by The Bank of Punjab (BOP -2.98pc) and Pak Elektron Limited (PAEL +1.82pc). The scripts had exchanged 28.33 million, 17.10 million and 15.08 million shares, respectively.

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Sectors that pulled the KSE-100 Index lower included banking (-202.50 points), oil and gas exploration (-112.58 points) and cement (-48.98 points). Among the companies, Habib Bank Limited (HBL -63.31 points), Engro Corporation Limited (ENGRO -48.94 points) and Oil and Gas Development Company Limited (OGDC -34.50 points) dented the index the most.

The banking sector lost 1.91pc from its cumulative market capitalization ahead of the monetary policy announcement (due on Friday). Big players Habib Bank Limited (HBL -2.76pc), MCB Bank Limited (MCB -1.85pc) and United Bank Limited (UBL -2.04pc) closed in the red zone.

The transport sector (-2.93pc) ended as the top loser for the session, with Pakistan International Bulk Terminal Limited (PIBTL -1.28pc), Pakistan National Shipping Corporation (PNSC -1.03pc) and Pakistan International Airlines Corporation Limited (PIAA by -6.06pc) closing negatively.

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