KARACHI: After a day of bull run, bears returned on the stock market as the benchmark 100-share index closed down by 254.99 points (0.80 per cent) at 31,673.16 on Tuesday.
Intense volatility was witnessed as the index started on an initial rally of 231 points, but later succumbed to selling pressure. The intraday oscillation was noted at 850 points. Traded volume increased by 87pc to 166.7m shares and value rose 64pc to Rs9.4bn. Foreign outflows stood at $2.91m.
Bulk of the pressure to downside came from HBL, FFC, LUCK, ENGRO and MCB taking away 120 points. Meanwhile, retail favourites like SNGP, FCCL, DFML, SSGC and TRGstood out as volume leaders.
`Despite the fact that Qatar, Saudi Arabia, Russiaand Venezuela would lead an effort tofreeze output at January levels, it yet seemslike a measure which can be dubbed `too little, too late`, commented analysts atIntermarket Securities.
`The news of oil output curtailment hit the marketon Tuesday, however, the unrealistic conditions attached with the deal caused scepticism among investors towards its success, causing global crude price to slide,` said a stock strategist.
Oil stocks lost in spite of posting better-thanexpectedresults asinvestors closed out their positions in PPL, OGDC, PSO and DGKC, which fell in the range of 0.2-2.6pc.
Cements also dragged the index by 46 points on account of heavy-selling pressure.
Arif Habib Corp Analyst Ahsan Mehanti stated that the stocks closed bearish amid uncertainty in global equities and consolidation post-earnings announcements in blue-chip stocks.
Concerns over foreign outflows and falling exports played a catalyst role in the bearish close