The benchmark KSE-100 index declined by 375.17 points to close below 43,000 crucial level at 42,919.78 points. Due to selling pressure, trading activity improved as daily volumes on the ready counter increased to 188.066 million shares as compared to 169.709 million shares traded Tuesday. Foreign investors remained net sellers of shares worth $8.4 million. The market capitalization decreased by Rs 49 billion to Rs 8.923 trillion. Out of total 350 active scrips, 177 closed in negative, 156 in positive while the value of 17 stocks remained unchanged.
Azgard Nine was the volume leader with 15.268 million shares. However, it lost Re 1.00 to close at Rs 18.15 followed by Lotte Chemical that gained Re 0.12 to close at Rs 8.83 with 9.512 million shares. Hinopak Motor and Millat Tractors were the top gainers with Rs 38.10 and Rs 18.52, respectively to close at Rs 1,231.10 and Rs 1,291.73. Rafhan Maize and Wyeth Pak were the top losers with Rs 100.00 and Rs 55.62, respectively to close at Rs 6,900.00 and Rs 1,718.73.
BR Commercial Banks Index plunged by 132.78 or 1.49 percent to close at 8,783.59 points with total turnover of 17.881 million shares. BR Cement Index decreased by 66.64 points or 1.2 percent to close at 5,485.17 points with 19.668 million shares. BR Oil and Gas Index lost 45.23 points or 0.87 percent to close at 5,134.56 points with 11.324 million shares.
BR Tech. & Comm. Index gained 11.36 points or 0.95 percent to close at 1,213.20 points with 17.521 million shares. BR Power Generation and Distribution Index closed at 6,323.60 points, down 65.3 points or 1.02 percent with 9.784 million shares. Ahsan Mehanti at Arif Habib Corporation said that stocks closed lower on concerns for economic uncertainty amid dismal data for $9.156 billion current account deficit for July-January 2018. Institutional support witnessed in textile scrips on reports on likely extension of EU GSP Plus status. He said surging budget deficit, uncertainty in global equities and uncertainty over outcome of US motion by FATF this weekend played a catalyst role in bearish close at PSX.