KARACHI: The KSE-100 index continued the slow drift towards south, losing another 31.24 points on Tuesday to settle at 33,895.46.
While foreign investors sold $1.40 million worth stocks on Tuesday, the local participants were conspicuous by their lack of interest.
Including Tuesday’s outflow, the month-to-date foreign portfolio outflow stood at $53.34m. The market started on a positive note with the index rising 97 points intra-day, before profit-taking set in to push the index in the red.
Samar Iqbal, VP Equity Sales at Topline Securities, commented that range bound activity was seen at the local bourse amid lack of interest from local investors.
Cherry picking was seen in ENGRO, EFERT and FFBL while investors booked profit in oil stocks. NML and NCL announced better than expected quarter results.
Analysts pointed out that the volumes decreased by 3 per cent to 166m shares, while value rose by 11pc to Rs8.8 billion on Tuesday over the first day of the week.
Muhammad Mubeen at JS Global said that Jubilee Life Insurance rose 4.5pc in anticipation of good financial results to be announced on Wednesday.Banking sector took the centre stage with trading in over 34m shares followed by chemicals sector 22m shares and electricity sector 20.5m shares.
“Due to international crude oil trading below $60 per barrel, the E&P and OMC sectors faced pressure with POL down 1.1pc, OGDCL lower by 0.4pc and ATRL declining by 0.8pc,” the analyst said and added that investors also trimmed their exposure in the cement sector due to market rumours of break-down in cement cartel, triggered by DGKC’s planning to undergo massive expansion.
Nishat Chunian rose 0.05pc, but Nishat Mills shed 1.2pc.