KARACHI: The stock market remained on the slippery slope on Tuesday with the KSE-100 index down 277.72 points (0.64 per cent) to close at 43,294.95.

The rising noise on the political front and investors’ nervousness over the possibility of clash between the judiciary and the government kept long-term investors on the sidelines. Further, the uncertainty over the Pakistan’s inclusion in the Financial Action Task Force’s watch list kept investors guessing.

On the market front, the question over the settlement of the heavy roll-over positions was a major concern. As most regional markets slipped along with US stock index futures earlier in the day, institutions decided to take profit, which saw the index go into free-fall mid-day to hit intraday low by 708 points. Financial results declared by National Bank of Pakistan and the D.G. Khan Cement helped market recover lots of the lost ground.

Major drags to the index performance came from financial sector, decreasing by 1.15pc, utilities 1.09pc and health care 0.87pc. According to the figures released by the National Clearing Company of Pakistan Ltd, foreign investors were the net buyers of equity worth $2.31 million. The volume increased 34pc over the previous day to 170m shares while the traded value recovered 52pc to Rs7.79bn. The leaders were Dewan Cement, TRG Pakistan, Azgard Nine and Fauji Foods Ltd.

The biggest decliners were Habib Bank, down 2.15pc, Hub Power 2.16pc, MCB Bank 1.21pc, Dawood Hercules 2.20pc and Bank Al Habib 1.78pc, taking away 162 points. On the flip side, Lucky Cement, TRG Pakistan, National Foods, Pakistan Tobacco Company and IGI Insurance Ltd added 38 points.

Published in Dawn, February 21st, 2018