KARACHI: A host of factors pulled the market further down on Monday with the KSE-100 index closing lower by 118.07 points (0.36 per cent) at 32,658.97.
Drop in global crude prices; a short future rollover week; the year-end blues and the issues pertaining to the Habib Bank Ltd, clouded investors’ mood.
After a steep dip of 200 points, a semblance of recovery was seen in the second-half of the trading session, following a reversal in regional and European markets.
Foreigners picked up stocks worth $0.59 million while individuals sold shares of $2.34m.
Trading volume dived 21pc to 91m shares and value declined by 25pc to Rs6.90 billion from the previous session.
HBL stood out as the volume leader, falling for the second-day to its ‘lower-limit’, but managing to gather strength in the final hour of trading to close down by 3.51pc.
“Lack of direction in global crude prices kept investors wary of oil stocks. OGDC, PPL and POL declined 0.7pc to 1.3pc,” stated dealers at brokerage Topline Securities.
Report of Ogra’s approval of the summary for increase in gas prices was expected to dent profitability of textile companies going forward. NML fell 2.3pc and NCL was down 1.9pc.
Fertiliser stocks also remained under pressure. FFBL, EFERT and FFC declined by 0.1pc to 1pc.
“The index found major support from NESTLE (up 3.57pc), HUBC (1.2pc), FATIMA (3.42pc) and KAPCO (1.37pc),” pointed out dealers at Global Securities.
Analyst Ahsan Mehanti at Arif Habib Corp stated that the stocks closed bearish amid pressure in banking stocks on likely impact of prevailing global compliance and regulatory issues on the sector.