KARACHI: Bears were back in control as the seven-day win streak snapped on Tuesday, as the index remained under pressure over economic uncertainty and fall in global crude oil prices.
The KSE-100 index traded in a narrow range and continued to oscillate between the red and green zone. Although, the overall sentiment was positive investors still opted to book profits and switch positions. Selling activity was seen in stocks across the board with the cement sector remaining under pressure as prices of coal in international market surpassed $65/MT resistance level.
At close, the benchmark KSE 100-share Index recorded an increase of 603.50 points, or 1.83%, to settle at 33,636.82 points.
JS Global analyst Danish Ladhani said equities closed on a negative note with the benchmark KSE-100 Index shedding 160 points.
“Profit taking was witnessed as the market has been trading in the overbought region,” Ladhani commented.
Mixed sentiment was seen in E&Ps where POL (+1.0%) closed in the green but OGDC (-0.3%) and PPL (-2.0%) closed in the red zone. LUCK (-1.2%) was a major laggard in cements, whereas mixed sentiment was seen in fertilisers with ENGRO (-1.1%) closing in the red zone and FFC (+1.0%), EFERT (+0.5%) and DAWH (0%) closed positive.
Furthermore mixed sentiment was also seen in financials where HBL (+1.0%) closed positive but MCB (-0.4%) and UBL (-0.4%) closed in the red.
“Moving ahead, we expect market to remain choppy,” he added.
Overall, trading volumes decreased to 243 million shares compared with Monday’s tally of 392.16 million. The value of shares traded during the day was Rs8.9 billion.
Shares of 388 companies were traded. At the end of the day, 130 stocks closed higher, 243 declined and 15 remained unchanged.
Unity Foods was the volume leader with 21.6 million shares, gaining Rs0.28 to close at Rs10.48. It was followed by TRG Pakistan with 15.6 million shares, losing Rs0.37 to close at Rs15.33 and Pak Elektron with 13.3 million shares, gaining Rs0.26 to close at Rs19.06.
Foreign institutional investors were net buyers of Rs287.6 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.