KARACHI: Stocks see-sawed on Monday with the KSE-100 index finally settled at 34,570.30, down by 86.64 points.
The investors remained in search of triggers which were scarce. Besides, the index climb above the 34,500 points brought about the psychological pressure as shaky investors decided to take profit in overbought stocks.
The market was also spooked by the heavy sales of $8.6 million worth stocks by foreign investors last Friday, and feared more outflows.
The figures released by the National Clearing Company of Pakistan (NCCPL) showed sales of shares valued at $5.31m on the first trading day on Monday.
Overseas investors moved out of the cement sector, selling $3.7m worth stocks on Monday. Among local participants, mutual funds were the major buyers who picked up stocks worth $9.46m.
The chemicals sector remained in the spotlight with change of hands in 44m shares, followed by cement sector with 41m shares and financial service sector placed at third place in terms of volume of 39m shares.Analysts believed that some mutual funds had entered the market to buy stocks at dips.
Analyst Ovais Ahsan pointed out that profit-taking in certain heavyweight stocks, dimmed sentiments. OGDCL fell 1 per cent, while MCB declined by 2.1pc and FFC was off 0.6pc. Engro Corporation rallied 3.6pc on the back of its subsidiary Engro Fertilisers registering gain of 3.8pc on announcement of better-than-expected earnings for 2014.
News flowed indicating that the country would receive its first LNG cargo by month-end.
Ahsan Mehanti at Arif Habib Corp stated that the stocks closed lower on profit taking on concerns over the rising political uncertainty.