KARACHI: Investors continued to take profit for the second day on Tuesday with the KSE-100 index closing down by 51 points. After an initial attempt at recovery the benchmark dived deep into the red to as low as 25,183 level, depicting fall of 235 points.

However, with some later recovery in heavyweights like the MCB Bank, the biggest spoiler of the market on Monday and the heaviest weighted oil and gas stock OGDC, the index managed to resurface. The noteworthy feature for the day was low investor interest as the trading value of stocks stood at 19-sessions low.

Several market participants thought that the temporary disconnection of mobile phone services was also a reason for the fewer buy/sell orders, mainly by the small investors. Although the market saw foreign portfolio outflow also on Tuesday, the net sell by foreign investors trickled down to $0.092 million. Yet, brokers said that the foreign fund managers’ participation was likely to dwindle until after the Christmas and New Year holidays.

Cement stocks remained in the limelight all through the day on Tuesday, led by Fauji Cement which accounted for 30 per cent of the aggregate KSE volume; the FCCL stock gained 3 per cent, which some analysts thought was triggered by rumours of an upcoming dividend along with the next quarter results.

Analyst Ahsan Mehanti at Arif Habib Corporation stated that the bearish activity was witnessed at the market on institutional profit-taking amid concerns for security unrest in the city.

Trade remained thin led by second and third tier stocks in cement and textile sector on strong earnings outlook.

Rising circular debt in energy sector, limited foreign interest, delay in release of coalition support funds and $800 million by the PTCL buyer, Etisalat, played a catalyst role in bearish sentiments at KSE.