KARACHI: The stock market continued losing spree for the tenth successive session, with the KSE-100 index taking a dip of 545.84 points (1.69 per cent) on Tuesday to close at eight-month low of 31,709.36.
In the previous ten sessions, the benchmark has spiralled downwards by 2,240 points.
Traded volume grew by 33pc to 189 million shares and the value increased 2pc to Rs7.8 billion.
Retail favourites PAEL, KEL, PACE and BOP down by 4.94pc, 0.69pc, 5.91pc and 6.78pc, respectively, were volume leaders.
Foreigners were net buyers of $1.2m worth shares. Mutual funds remained nervous over Monday’s heavy erosion and decided to take profit with sale of $6.1m shares.
Analysts at Intermarket Securities commented: “It took yesterday’s close to give everyone a reality check. Now you can blame it on: foreign selling CYTD15 at $280.88m for 11 months or; the Dr. Asim’s saga and what exactly is cooking and/or brokers/industrialists NAB related issues. Whatever the reason, it has finally taken its toll on the market.”
“During first half, the index traded in the positive zone as investor expected a rebound after index touched CY15 starting point. Higher-than-expected CPI (2.73pc), however, hammered the index into the negative zone with heavy volumes,” said dealers on the sales desk of Global Securities.
Laggards were led by heavyweight HBL (1.73pc), followed by PPL (3.03pc), ENGRO (2.34pc), DAWH (4.1pc) and LUCK (1.78pc).
Dealers at Topline Securities said that investors offloaded their positions in SNGP and SSGC ahead of SNGP’s board meeting on Wednesday (today). The stocks closed at their ‘lower-circuit breakers’.