RECORDER REPORT

KARACHI: Karachi equities on Tuesday remained subdued with the KSE-100 index shedding 161 points to close at 33,571.59.

Volatility was seen as the benchmark index moved south and northward to hit the intraday high and low of 33,872.52 and 33,566.73 points, respectively. Foreign investment settled into negative territory with offshore investors selling their holdings worth $3.33 million, on net basis. Trading turnover inched up to 158 million shares from Monday’s 144 million.

Of the 377 issues traded only 99 ended up in green with 251 devaluing and 27 staying unchanged. The value of overall traded stocks, however, showed an uptick to stand at Rs 6.63 billion compared to the previous Rs 6.17 billion.

The market capital closed almost flat at Rs 7.11 trillion.

K-Electric led volumes with 18 million stocks each depreciating to Rs 7.50 at close. Other best performers were TRG Pakistan, SSGC, SNGPL, Engro Polymer, Pace Pakistan, Bank of Punjab, Silk Bank, Pak Elektron and Jahangir Siddiqui Company with a respective turnover of 16, 15, 11.5, 7.7, 6.4, 5.8, 5.3, 4.4 and 3.0 million shares respectively.

Trade in futures contracts surged to 61.47 million from 36.50 million of last trading session.

Arif Habib analyst, Ahsan Mehanti said stocks closed bearish amid cautious activity as global stocks fell on lower commodities prices.

“Sentiments remained weak on concerns for rising bond yields after the SBP decisions on status quo over policy rates and prevailing foreign outflow ignoring recovery in global oil prices and reports for rising DAP fertilizer sales,” he said.

Mohammad Rizwan of Topline Research attributed the day’s fall to the absence of triggers. Oil stocks remained in positive, as he said, on the back of increased crude oil prices. However, the volumes remained subdued.