KARACHI: The stock market endured another volatile session on Monday as the KSE-100 index rallied to gather intra-day gains of 235 points to cross the 43,000 mark. However, the index succumbed to selling pressure in late hours and plunged into the red. It closed down 323.19 points (0.15pc) at 42,525.93.
Banks mainly contributed towards the decline in index, with United Bank down 2.64pc and Habib Bank lower by1.68pc, which together contributed 104 points to the overall loss.
Profit-taking was also noted in the cement sector as Lucky Cement, Fauji Cement and DG Khan Cement fell 2pc each and took 68 points off the index.
The volume of shares traded during the day dropped 2.4pc to 554 million shares while the value rose 3.5pc to Rs17.6bn.
Dealers at JS Global said that Indus Motors (down 1.99pc) closed in the red zone as auto sales shrank by 26pc October.
Sui Northern Gas Pipelines Ltd (down 0.9pc) and Sui Southern Gas Company Ltd (down 1.11pc) declined on the back of news that the government had decided not to increase gas prices in response to a letter from the Oil and Gas Regulatory Authority seeking increase in prices.
Analysts at Intermarket Securities said sentiment deteriorated soon after Inter-Services Public Relations said that seven Pakistani soldiers were killed overnight during cross-border firing across the Line of Control (LoC) in a ceasefire violation by Indian troops. The incident led to worries at the local bourse leading to a mini sell-off as investors opted to reduce exposure in risky assets.
Among textile players, Nishat Mills Ltd fell 1.01pc, Gul Ahmed 1.52pc and Azgard Nine 0.38pc weighed down on sentiment. The oil and gas companies also retreated.