Foreign institutional investors were net sellers of Rs279 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited. PHOTO: FILE
At the end of trading, the Pakistan Stock Exchange's (PSX) benchmark index recorded a fall of 250.75 points to end at 46,874.37.
Elixir Securities, in its report, stated activity, as expected, showed only a slight uptick compared to Monday as foreign investors resumed business post-holidays whereas locals continued to trade cautiously due to the shadow of domestic politics ahead of Panama case verdict.
"Decliners were led by banks on institutional profit-taking where major dent came from index-heavy Habib Bank (-1.8%). It alone contributed nearly one-fourth points to the index's decline whereas MCB Bank (-1.4%) and United Bank (-0.3%) also landed among top laggards of the day," said analyst Ali Raza.
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"On the flip side, Oil and Gas Development Company (+0.7%) and Mari Petroleum (+2.73%) emerged as top gainers with both weathering the general downtrend on reported institutional buying," he said.
"[We] expect the market to remain under pressure as anxiety related to domestic politics overshadows the excitement related to earnings in the near term."
Meanwhile, JS Global analyst Nabeel Haroon said the market continued its bearish momentum and the index lost around 251 points to close at 46,874.
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"ISL (International Steels) in the steel sector lost value to close at its lower circuit after the company posted earnings of Rs4.64/share (lower than street estimates) in its 9MFY17 result announcement," said Haroon.
"Pakistan Refinery (-3.61%) in the refinery sector lost value to close in the red zone following the unveiling of its results for 3QFY17. The company posted earnings of Rs1.21/share for the quarter, which was 42% lower YoY."
Engro Polymer and Chemicals (-0.99%) was the volume leader with around 17 million shares traded as investors came in to book profit on the 1QCY17 result announcement.
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"Moving forward, we reiterate our cautious stance as we expect the market to remain under pressure," he added.
Overall, trading volumes rose to 164 million shares compared with Monday's tally of 154 million.
Shares of 371 companies were traded. At the end of the day, 126 stocks closed higher, 230 declined while 15 remained unchanged. The value of shares traded during the day was Rs9.4 billion.
Engro Polymer was the volume leader with 17 million shares, losing Rs0.25 to close at Rs25.11. It was followed by K-Electric Limited with 15.8 million shares, gaining Rs0.12 to close at Rs8 and TRG Pakistan Limited with 9.1 million shares, losing Rs1.03 to close at Rs49.44.
Foreign institutional investors were net sellers of Rs278 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
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