KARACHI: Stocks opened on a positive note on Tuesday and the KSE-100 index touched 33,000 level before it succumbed to profit-taking and closed down by 24.65 points (0.07 per cent) at 32,879.67 due to lack of triggers.
The market followed the regional bourses to close in the red zone, as the US Fed’s decision regarding interest rates contributed towards risk averse attitude of the investors.
Volumes picked up to 130.5 million shares and value rose to Rs5.7 billion.
TRG, TPL and Dewan Motors were the volume leaders with cumulative trading in 32m shares accounting for 25pc of the day’s volume.
Automobile sector continued to rally on the back of reports that local manufacturers were likely to pass on the impact of increase in regulatory duty on steel products to the end consumers. Star performers of the sector were HCAR (5pc), MTL (3.70pc) and AGTL (3.51pc).
Banking sector dragged down the index by a cumulative 45 points, with heavyweights HBL down 1.16pc and MCB fell 0.98pc.
Reports of allowing imports triggered profit-taking in the cement sector in which biggest laggard was MLCF (2.63pc).
Pressure remained in the oil sector amid declining global crude prices. ATRL (rose 4.3pc) announced completion of revamp of its crude refining unit, which sparked investors’ interest in the scrip.
Analyst Ahsan Mehanti at Arif Habib Corp commented that stocks closed bearish after slump in crude prices and global equities.
Institutional support remained in auto and cements.
“Reports on dismal exports, subdued fertiliser off-take and weak banking spreads played a catalyst role in the bearish close.”