Karachi: Equities fell for the second day, with the Karachi Stock Exchange’s (KSE) benchmark 100-share index retreating by 144.59 points (0.42 per cent) to close at 34,133.83.
Volume and trading value were both higher than Monday as 258 million shares of the trading value of Rs10 billion changed hands on Tuesday against 188m of Rs7.2bn value the previous day.
The nearing end-June closing and the start of rollover week saw institutions taking profit with mutual funds in the lead through the sale of $4.28m worth stocks. Individuals, however, absorbed the supplies with purchases of $4.97m. Foreign investors offloaded another $3.68m worth stocks.
Analyst Umair Hasan at a major brokerage house commented that as the week was marked as a futures rollover week, market continued to remain under pressure. The cement sector showed some stability as DGKC, MLCF and POWER rose by 0.6pc, 2pc and 3.2pc, respectively.
BYCO continued its rally ending at its upper circuit at Rs21.89. Lack of interest was seen in the oil and gas sector with PSO, POL and PPL ending lower by 0.7pc, 0.23pc and 0.7pc, respectively.
Sideboard scrips continued to remain in the limelight as DSL, DCL, and TRG ended higher by 12.2pc, 6.1pc and 2.9pc. The pharma sector rallied with almost all scrips positing strong gains. In fertilisers, FFBL ended near its upper circuit.
Analysts pointed out that renewed interest was seen in Pak Elektron (PAEL) on speculation that the National Bank of Pakistan’s (NBP) loan to PAEL will be converted into ordinary shares at a higher price. PAEL hit its upper circuit at the close of session.
Ahsan Mehanti at Arif Habib Corp stated that dismal exports data for July-May 2014-15, rising circular debt in the energy sector and weak global crude prices played a catalyst role in the bearish activity at the KSE.
Stock brokerage firm Sunrise Capital stated in its market closing report that investors booked profit in selected blue-chip stocks.