KARACHI: Stocks fell by 146.58 points (0.43 per cent) on Wednesday to settle at 34,309.76, as the Asian stocks measured by the MSCI Asia-Pacific Index, swung between a gain of 0.4pc and a loss of 1.1pc.

The index dipped intra-day low by 331 points but managed to recover almost half of the lost ground.

While local institutions and individuals have been sitting on the sidelines, the foreigners also sold stocks worth $6.78 million.

Volume fell to 249m shares valued at Rs10.7bn from 354m shares of Rs16.8bn traded a day ago.

“Global equities continued their wild swings as investors were worried over the health of the world’s two biggest economies. China manufacturing gauge slumped to a three-year low, whereas, US factory report expanded at the slowest pace since May 2013,” dealers at Topline Securities said.

“A possible hit on corporate earnings following announcement of increase in gas prices and rising political uncertainty played a catalyst role in bearish activity,” said analyst Ahsan Mehanti at Arif Habib Corp.

He thought that the upbeat CPI data for Aug 2015 and speculations ahead of SBP policy announcement later this month supported leveraged stocks.

Analyst Ahmed Saeed Khan at JS Global commented that due to dip in global crude prices, the oil sector witnessed pressure with OGDC losing 2.3pc and PPL 3pc.

After the news of FFC passing on the entire impact of gas tariff hike, the sector remained upbeat and was the major support in the market. Biggest gainers were FATIMA (2.2pc), EFERT (1.9pc) and FFBL (2pc).

“Mixed trend prevailed in the auto sector where big machine manufacturers were positive and car makers remained marginally negative,” dealers said. Biggest gainers were MTL (1.4pc) and HINO (0.7pc).

Published in Dawn, September 3rd, 2015

On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play