KARACHI: Stocks shed values for the second day in lacklustre trading where investors decided to take profit in the absence of triggers, made worse by the lingering concerns over the outcome of Panama Papers case.

The roll-over week also forced weak holders to reduce their positions. The KSE-100 index closed down by 156.75 points (0.32 per cent) to settle at 48,523.41 points.

The trading volume declined 8pc to 218 million shares and value 2pc to Rs10.2bn over the previous day.

Traders at Topline Securities calculated that contribution of 99 points to the index decline was made by LUCK down by 1pc, SEARL 2.6pc, PPL 1.4pc, HBL 0.5pc and OGDC 0.9pc. Interest was seen in big tobacco firms as PAKT and PMPK hit their respective upper limits and added 23 points to the index.

MARI which rose 1.8pc was the only stock on the E&P sector to close in the green on the company’s announcement of additional working interest in Bannu West, along with the company gaining operatorship of the block with 35pc working interest.

Arhum Ghous, analyst at JS Global, observed that PPL, POL and OGDC remained in the red as oil prices struggled near low levels on rising US shale production. Moreover, mixed trend was witnessed in the cement sector where DGKC lost 0.38pc and MLCF 0.32pc on the back of reports of the Khyber Pakhtunkhawa government awarding 14 licences to the country’s various industrial groups to set up cement factories in the province.

In the banking sector, heavy weights, MCB lost 0.15pc and HBL 0.52pc.

Published in Dawn, March 29th, 2017