KARACHI: Stocks closed flat on Tuesday with the KSE-100 index showing a minor gain of 4.67 points to end at 33,801.11.
The losing streak was broken early in the day and stocks managed to climb intra-day by 233.75 points. Yet at mid-day, investors rushed to book profit with individuals selling net $5.44 worth stocks, followed by mutual funds also offloading shares valued at $4.06m.
Foreign investors too resumed sale of stocks, though in the small sum of $0.73m; the net month-to-date portfolio outflow stood at $56.76m.
Volumes increased by 23 per cent to 217m shares, while trading value rose by 22pc to Rs12.2bn.
Cement sector was in the spotlight with trading seen in 52.9m shares followed by electricity sector 36m shares and banking sector 24m shares.
Analyst Arhum Ghous at JS Global stated that the market was in a state of uncertainty on Tuesday.
Selected shares in the oil sector rallied slightly as international crude oil prices rose to $62 a barrel; OGDC was up by 0.52pc and POL gained 0.97pc.
The FCCL was up 0.98pc and Kohat Cement higher by 0.93pc. Star performer of the day was HUBC which rallied by 3.89pc.The cement sector remained upbeat following government announcement of building low-cost housing units on fast track basis.
Analysts expect volatility to continue at the market on the back of incoming major corporate results.
Samar Iqbal, VP Equity Sales at Topline Securities, observed that consolidation was seen at 34,000 points level with rising volumes.
DGKC and HBL announced better than expected December results.
Pharma company Ferozsons hit the ‘upper circuit’ after the Drug Regulatory Authority of Pakistan (DRAP) granted registration to its product “Sovaldi.”