KARACHI – Stock market closed lower on Tuesday amid record trades in thirds tier scrips. The 100-share index declined by 74.26 points or (0.18%).
Volatility prevailed as the index, after hitting an intraday high of 94 points and intraday low of 285 points, finally closed at 40,340.46 points, dealers said. Despite volatility, there was a surge in a number of shares traded, as volumes for the day accumulated to 903m shares versus 877m shares of the previous day.
HCAR continued to garner investors’ interest, as it gained to close on its upper circuit on the back of 50% MoM increase in sales number for the month of August. OGDC (down 0.07%) and PPL (0.
35%) in the E&P sector lost value to close in the red zone, as crude oil prices declined.
BERG (up 4.3%) gained as the company declared its result for FY16.In its results, company posted EPS of Rs.10.13 along with a final cash dividend of Rs.4.5/share, observed analyst Nabeel Haroon.
Along with foreign selling over the last few days, selling in third tier stocks was observed as increasing tensions near the border led investors to trim position, said dealers at Topline brokerage.
Volumes increased by 3% to 903mn shares while value rose by 7.8% which is the highest value recorded since June 2015 of Rs20.7bn/US$198mn. DSFL led the volume with 70m shares traded while hitting its lower and upper limits, both during the day. Engineering sector was in limelight as ISL and ASTL closed at their upper limit of 5%. SSGC and SNGPL witnessed some selling at they declined by 3.5% and 5% respectively, brokers said.