KARACHI: The market took the investors on a rollercoaster ride with the KSE-100 index making intraday high by 453 points and low by 285 points. The index finally found its feet at 37,795.25 points, recording loss of 200.52 points (0.53 per cent).

The index could not sustain Tuesday’s positive momentum built on the news of China pledging to lend Pakistan $2 billion to shore up the foreign exchange reserves.

Individuals went in for profit taking with sale of $2.74 million worth securities and insurance companies also dumped shares valued at $5.26m. Mutual funds, on the other hand, were aggressive buyers which absorbed $7.09m liquidity.

The concerns on political and macroeconomic front jeopardized investor sentiments with lack of clarity on the upcoming mini-budget, inflation for December at 6.2pc and oil marketing companies’ sales dipping 26pc spoilt the mood of the market.

On the political front, concerns over the cabinet meeting that decided not to immediately remove the 172 names placed in exit control list further spooked investors.

Sector-wise volume leaders were cement, chemicals and commercial banks. Cement sector witnessed selling pressure as major players lost value to close in the red with Lucky, DG Khan, Cherat, Fauji and Kohinoor Cement coming out as the major losers. Exploration and production closed down as crude oil prices edged lower in the international market with Pakistan Oilfields and Pakistan Petroleum as the major victims.

Major declining scrips were MCB, down 3.1pc, Lucky Cement 3.5pc and Pakistan Oilfields 3.3pc which dragged the index down by 140 points. On the flip side, Bank Al Habib, up 3.97pc, Bank Alfalah 5pc and Engro Corporation 1.05pc added 92 points.

Published in Dawn, January 3rd, 2019