The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.19 per cent or 19.50 points to end at 10,464.89.
Profit-selling was mainly recorded in oil and banking sector scrips with Oil and Gas Development Company, Pakistan State Oil, Shell, MCB Bank and National Bank declining by 0.7 per cent, 2 per cent, 1.3 per cent, 1.8 per cent and 1.4 per cent respectively, said Crosby Securities analyst Ovais Iqbal.
On the other hand, buying euphoria continued in EFU General and EFU Life Assurance and the stocks closed at their upper limit for the fourth consecutive trading session, added Iqbal.
Trading volume plunged by 15.7 per cent to 86.9 million shares compared with 103.1 million shares traded on Monday. Second-tier stocks dominated volumes.
The deregulation of oil prices still seemed to be a factor in rising refinery scrips, with Attock Refinery and Pakistan Refinery increasing by 3.37 per cent and 2.11 per cent, respectively.
Activity is expected to continue as investors are likely to step in and buy shares on hopes of healthy corporate results, said analysts. Pakistan State Oil is scheduled to announce its results on Thursday.
Foreign investors made net buying of $0.47 million during the day, according to data released by the National Clearing Company.
Shares of 410 companies were traded on Tuesday. At the end of the day, 179 stocks closed higher, 200 declined and 31 remained unchanged. The value of shares traded during the day was Rs2.62 billion.
Lotte Pakistan was the volume leader with 6.97 million shares falling Rs0.13 to finish at Rs9.56. It was followed by Fatima Fertiliser with 6.01 million shares decreasing Rs0.95 to close at Rs9.6 and Fauji Fertiliser Bin Qasim with 4.76 million shares gaining Rs0.44 to close at Rs30.13.
Published in The Express Tribune, October 20th, 2010.
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