KARACHI – Bear-run entered second day on Tuesday amid consolidation in the rollover week. Volatility prevailed in the stock market as the KSE 100-index fell by 55 points (down 0.14%) to close at 38,415 points amid profit taking across the board, dealers said.
Pressure was witnessed in the oil sector that remained largely depressed on the back of global oil prices coming down near 0.5% ahead of US weekly stockpile data. NRL (down 1.38%) and BYCO (1.54%) were the biggest losers of the sector.
Profit taking was seen in the banking sector that remained mostly negative throughout the day despite the news of China easing rules for Pakistan’s bank to operate in the country.
Profit taking continued in the cement sector with all major stocks closing in the red zone. Major laggard in the aforementioned sector was DGKC, which slumped 1.14%, observed analyst Ahmed Saeed Khan.
Volume increased 4% to 154.5m shares while traded value fell 17% to Rs8.2b/$78.8m.
Activity was confined to third tier stocks as Jahangir Siddiqui & Company (JSCL), K-Electric (KEL), Dewan Cement (DCL) and Dewan Farooque Motors (DFML) were the volume leaders with cumulative volume of 59.3m shares. DCL and DFML fell 6.4% and 6.1% after rumors of failure of their debt restructuring deal circulated in the market, brokers said.
Akzo Nobel (AKZO) closed at its upper limit (up 5%) with impressive volume of 4.7m shares.