KARACHI: The stocks on the KSE further weakened on Tuesday as the KSE-100 index was dragged down by 275.75 points or 0.97pc to 28,243.59.
The market opened on a positive note with early intra-day gains of 96 points. However, investors were shaky with no settlement of the political crisis in sight. It pushed investors to take profit near the day’s peak.
As worries intensified and investor sentiments dampened, the index dipped to intra-day low by 307 points, but managed to claw up slightly before the close of the market. The foreign investors sold $0.87m worth stocks on Tuesday.
Brokerage Sunrise Capital stated that investors both local and foreign were watching and waiting for the market to take some more dip.
“Most importantly trading activities were witnessed in oil and gas sector which saw volume of 6.3m shares followed by chemical sector with volume of 7.3m shares,” said analysts.
The two heavyweight stocks OGDCL lost another Rs2.82 and MCB Bank fell by Rs1.95 on Tuesday, the two shares accounting for around 75 points to the day’s index decline.
Analyst Mujtaba Barakzai at JS Global commented that KSE-100 index remained under pressure with political uncertainty keeping investors on the sidelines.