Pakistan Stock Exchange on Tuesday lost 129 points on selling pressure from both foreign and domestic investors.
The benchmark 100-index closed at 40,800 points.
Senior analyst and CEO Arif Habib Corp Ahsan Mehnati said that bearish trend continued amid investor concerns for dismal data on core inflation at 8 percent for September 18.
He added oil and cement stocks outperformed on the back of increasing oil prices in the international market and hike in local cement prices.
Mehnati opined that volatile rupee-dollar parity, a surge in SBP key policy rate and higher fiscal deficit and external account imbalances played a catalyst role in bearish close at PSX. He added that lack of clarity on part of government on new IMF programme is also adding to market woes.
On Tuesday, the market started trading in the green zone and index surged by 281 points in the morning session. The market remained in the green zone till midday.
In the last session, the market came under selling pressure from both foreign and local investors. At the close of trading, the market lost 129 points to close at 400800.
During Tuesday’s trade, some 66,595, 3490 shares changed hands. Trading in the shares of some 347 companies held out of which 151 companies gained while 180 companies lost. Shares price of 16 companies remained unchanged.
Colgate Palm was the market leader in term of per share gain followed by Bata (PK). Colgate Palm share price increased by Rs 49 to close at Rs 2350 while the share of Bata increased by Rs 20 to close at Rs1879.
Pak Tobacco was the top loser followed by Island Textile. The share price of Pak Tobacco decreased by Rs 129 to close at 2460.75 while the price of Island Textile closed Rs 85.29 per share down at Rs1620.70.
Monday Trading on PSX
On Monday, the bourse lost 69.15 points down at 40,929.44. The market opened in the red zone and the index sank to intraday low by 289 points.
Cement, engineering, and oil marketing companies collectively shed 50 points. Cherry-picking at attractive valuations enabled index to emerge from the red for a brief period in the second half and made intraday gains of 30 points.
The volume plunged 27pc to 106 million shares while the value traded declined 46pcto Rs3.47 billion. Bank of Punjab, Unity Foods, Pak Elektron and Engro Polymer and Chemicals were the leaders.