KARACHI: Stocks on Tuesday continued the losing spell for the fifth day with the KSE-100 index down by 161.32 points (0.48 per cent) to settle at 33,571.59. The index closed at six-week low.

Foreigners spooked investors by heavy selling in OGDC and outflow of $3.3m, while domestic institutions and individuals were weighing the options to sell or buy. In the absence of triggers most decided to stay on the sidelines.

Volume surged by 10pc to 157.7 million shares, while value rose by 7pc to Rs6.6 billion. KEL and TRG led volume leaders while interest also remained in SSGC and SNGPL.

“With increase in global oil prices, interest was seen in local oil exploration stocks as they all rose, except for OGDC which fell after a deal of 2.9m shares at Rs126 per share took place in the Negotiated Deal Market,” said analysts at Topline Securities. It triggered fear amongst investors of more foreign selling to come.

Analysts at a major brokerage house said that the index resumed its downward trajectory following a brief reversal in the morning. Towards the end of session European markets succumbed to selling pressure naturally instigating locals to book gains on trading positions.

Analyst Ahsan Mehanti at Arif Habib Corp said that stocks closed bearish amid cautious activity as global stocks fell on lower commodities prices.

Sentiments remained weak on concerns for rising bond yields after SBP decisions on status quo over policy rates, prevailing foreign outflow and reports of rising DAP fertiliser sales.

Dealers at Global Securities stated that the index succumbed to significant selling on news of a potential NAB inquiry against major market players.

Published in Dawn, November 25th, 2015