The market started on a recovery note yyesterday, but the stocks faltered midday so that the KSE-100 index closed in the red by 82.25 points at 33,718.86.
Foreign investors sold $0.44 million worth stocks, taking the net sales month-to-date to $57.20m.
Among local participants, mutual funds were the sole buyers of stocks valued at net $3.50m, while other institutional and individual investors decided to book profit.
Volume leaders were mainly mid-tier stocks. Engro rallied after better than expected December earnings and dividend announcement.
Analyst Ahsan Mehanti stated that uncertainty in global commodities and rising coal prices played a catalyst role in bearish activity at KSE despite support in selected auto, cement stocks after strong sales growth in January 2015.
Analyst Fahad Hussain Khan at Adam Securities stated that the KSE-100 index started the session by surging more than 100 points. Curiosity about the financial results of Engro Corp dragged down the index, which shed 212 points intra-day. However, market made recovery after the announcement of results. Bears maintained control in cement stocks amid profit taking in overvalued stocks.