KARACHI: The KSE-100 index snapped a 12-day rally on Tuesday, as the index shed 262.02 points (0.84 per cent) to settle at 32,444.20.

Investors decided to book profit after the index continued an uninterrupted gaining streak of 1,963 points.

The market remained volatile due to downward trend in the regional markets as a result of uncertainty over the fate of global oil prices.

Traded volume decreased by 2pc to 148 million shares and the value declined by 11pc to Rs7.8 billion from a day ago.

PIA (up 1.1pc) was the volume leader with 15m shares traded, as investors anticipated that the government would go ahead with the privatisation process despite resistance.

MCB (down 1.2pc) announced year-end earnings, which were below market expectations.

Dealers at Topline Securities said: “Banking sector as a whole experienced a sell-off, due to which BKTi index fell 1pc.”

Attock Petroleum and National Refinery released 2QFY16 earnings due to which the stocks rose 0.4pc and 0.2pc, respectively.

Major contribution to the downside came from NBP, MCB, PSO, UBL and EFERT taking away 82 points. Other than financial sector, telecommunication, industrial, healthcare, energy and materials also witnessed profit-taking.

Analysts at Global Securities observed that barring POL (up 0.01pc) on anticipation of better upcoming results, the E&P showed a dull outlook owing to decline in international oil prices.

“NBP (down 4.94pc) hammered the index by 26 points on anticipation of lower earnings for CY15, whereas MCB dragged the index down by 20 points on unsustainable growth shown in result announcement,” analysts said.

Published in Dawn, February 10th, 2016