KARACHI: Stocks saw pullback on Thursday with the KSE-100 index closing down by 107.81 points to 29,350.34. Investors were taken aback by the strong volatility as the benchmark index moved in an extremely wide range of 600 points between the intra-day high and low.

The market started off on the bullish note and climbed by 212 points before a turnaround into deep red. As the index started to slip, weak holders dashed to the exit door, only to see substantial recovery from the index intra-day low at 29,070.14 points.

Traded value in rupee-term surged by 21pc to Rs17 billion, the level last seen in July 2013. Volumes of shares also stood at 10-month high at 496m shares. K-Electric witnessed trading in 99m shares, NIB 49m shares and FABL 28m shares; the three contributing 175m or 35pc of total volume. Banking sector recorded the highest volume at over 161m shares.

The figures released by the National Clearing Company of Pakistan in the evening gave an insight into the day’s trading pattern. Although foreign investors were net buyers of $4.81m worth shares, mutual funds offloaded stocks valued at a huge $5.11m, possibly as several funds strived to meet redemption requests.

Some analysts thought that investors had traded cautiously as the TTP ended its ceasefire, spoiling prospects of long-term peace. Lucky Cement down by 2.6pc led the decline with the cement sector.

“In spite of receiving $2bn on account of Eurobond sale, local bourse witnessed some profit-taking amid disappointing March quarter results and Wednesday’s historic high,” commented a stock strategist. Banking stocks were on investors’ radar as scrips like UBL, MCB Bank, ABL and FABL came up for active trading. In cement sector the value of Akzo Nobel Pak surged by 6.12pc.