KARACHI: Stocks ran out of steam on Tuesday with the KSE-100 index declining 61.83 points (0.19 per cent) to close at 32,791.71.
The market took the lead from declining regional markets and slipped in early trade, though recovering some of the losses during the day.
Selling by foreign investors continued with an outflow of $3.03 million.
Volume increased by 24pc to 192.6m shares while value was up by 17pc to Rs9.5 billion from a day ago.
Market participants said that higher volume represented selling pressure as investors scrambled to book profits after index crossed intra-day high of over 33,000. Small-cap retail favourites led by K-Electric accounted for much of the day’s volume.
The significant feature of the day was the heavy plunge in WTI at $37.7 per barrel. It took toll on the heavyweight oil and gas sector. OGDC and POL declined by 1.4pc and 1.5pc on institutional selling.
Some support was provided by the strengthened rupee against the dollar in the interbank market.
“This prompted investors’ interest in cement stocks as fall in coal prices and depreciating dollar would have a positive impact on the sector,” said analysts at Topline Securities. DGKC, MLCF and FCCL rose by 0.8pc to 1.4pc.
However, another market participant said that the gain in rupee prompted fall in stock prices of HUBC (1.96pc) and KAPCO (2.31pc).
Mari Petroleum (MARI) closed at its upper-limit (up 5pc) for the second consecutive day as the company announced conversion to Petroleum Policy 2012.
ENGRO, FFBL and FFC posted negative returns for the day amid profit-taking.