The KSE-100 index declined by 560.82 points or 1.37 percent to close at 40,326.53 points. Trading activity also remained low as daily volumes on the ready counter decreased to 134.413 million shares as compared to 169.100 million shares traded last Friday.
The market capitalization declined by Rs 96 billion to Rs 8.034 trillion. Out of total 340 active scrips, 264 closed in negative, only 59 in positive while the value of 17 stocks remained unchanged.
K-Electric was the volume leader with 15.499 million shares. However, it lost Re 0.14 to close at Rs 6.24 followed by Dewan Motors that declined by Re 1.00 to close at Rs 16.60 with 8.085 million shares. Colgate Palmolive and J.D.W. Sugar were the top gainers with Rs 50.00 and Rs 14.33, respectively to close at Rs 1,950.00 and Rs 300.99. Wyeth Pak and Sanofi-Aventis were the top losers with Rs 53.66 and Rs 43.90, respectively to close at Rs 1,051.34 and Rs 861.10.
BR Commercial Banks Index declined by 166.51 points or 2.89 percent to close at 8,641.92 points with total turnover of 11.115 million shares.
BR Cement Index plunged by 79.68 points or 1.81 percent to close at 4,332.03 points with 12.429 million shares. BR Oil and Gas Index decreased by 73.63 points or 1.49 percent to close at 4,873.70 points with 8.877 million shares.
BR Tech. & Comm. Index lost 27.24 points or 2.59 percent to close at 1,024.47 points with 10.871 million shares. BR Power Generation and Distribution Index closed at 6,248.83 points, down 46.86 points or 0.74 percent with 16.447 million shares.
Danish Ladhani at JS Global Capital said that the Pakistan equities closed negative with benchmark KSE-100 Index shedding 561 points, closing at 40,327 levels, further down 1.4 percent. The local bourse remained volatile KSE-100, making a high and a low of plus 189 and minus 669 points, respectively with very low volumes.
Major sectors dragged the market down where top scrips, HBL (down 2.5 percent), PPL (down 1.1 percent), ENGRO (down 0.6 percent), OGDC (down 1.6 percent), MCB (down 1.6 percent), FFC (down 1.2 percent), UBL (down 2.1 percent), LUCK (down 2.6 percent), POL (down 1.4 percent) and BAHL (down 1.1 percent) cumulatively down 273 points to the negativity.
In Cements LUCK (down 2.6 percent) and DGKC (down 1.5 percent) were the major laggards whereas DGKC (down 1.5 percent) despite the International Coal prices dropped correspondingly. In Fertilizers, ENGRO (down 0.6 percent) and FFC (down 1.2 percent) closed in the red. However, Government of Pakistan has granted a 50 percent waiver in Gas Infrastructure Development Cess (GIDC) payables to fertilizer sector, IPPs, Gencos and general industry including captive power units.