KARACHI: Stocks remained lifeless for yet another day on Tuesday, as the KSE-100 index declined by 56.58 points (0.17 per cent) to settle at 33,910.17.
Companies sold $4.48 million worth equity, which to some extent was absorbed by the banks that bought $2.57m worth shares. Foreigners made minor net purchases of $0.25m.
Traded volume increased by 26pc to 170m shares while value rose by 17pc to Rs8.8 billion from a day ago.
Market participants said that the volume was just a shade of the average daily volume for the year. One of the reasons they cited was the lack of liquidity as investors were holding on to hard cash for investment in several right issues as well as some upcoming big initial public offerings.
“Historically, volumes do decline in Muharram as many investors stay away from the market,” affirmed one participant. Some dealers believed that even the results of companies failed to spark investors interest leading the market to a depressing close.
“Going forward, we believe post ‘SPOT’ trading of major scrips and ongoing result season will likely stimulate investors interest, bringing in higher volumes,” a dealer mused.