KARACHI: Stocks skidded for the second day with the KSE-100 index again marginally down by 37.13 points (0.10 per cent) to close at 40,506.98. Over the past seven sessions, the Index has shed around 1,100 points.

The market remained volatile on Thursday as investors weighed the options between buying on the prospects of heavy inflows from Saudi Arabia following two days’ visit of the Saudi Crown Prince and taking profit on growing concerns over the silence on the progress of the International Monetary Fund (IMF) bailout package. Traders also moved cautiously on prospects of heating up of atmosphere on the political scene after the bail of opposition leader in the National Assembly, in Ashiyana Scheme Case.

Investors had no appetite for the cement stocks which had sold like hot cakes only a day ago. Major shares such as Maple Leaf Cement (MLCF), Fauji Cement and D.G. Khan Cement (DGKC) stood among the volume leaders list, but succumbed to selling pressure and hit their lower circuits. Fertilisers also came under the hammer where Engro Corporation was down 0.5pc, Fauji Fertiliser Company 0.4pc and Engro Fertiliser 0.5pc closed in the red zone. Banking sector blue chips Habib Bank Ltd and United Bank Ltd (UBL) rebounded after trading briefly in red. Energy sector also supported index as Pakistan Petroleum Ltd (PPL) and Pakistan Oilfields posted gains.

Figures released by National Clearing Company Limited showed that the foreign investors were the major participants who continued their buying spree with an addition of $2.6 million worth shares. Individuals also were net buyers of $2.95m whereas other institutional investors took scant interest in the proceedings.

Volumes declined 23pc over the previous day to 123m shares while the traded value also receded by 14pc to reach $45m. Stock-wise, major contribution to the index downside came from Pakistan State Oil down 2.54pc, DGKC 4.55pc, Lucky Cement 1.2pc, Pakistan Tobacco 2.32pc and MLCF 4.87pc cumulatively taking away 88 points. On the flip side, UBL was up 2.91pc, Searle 5pc and PPL 0.67pc added 85 points.

Published in Dawn, February 15th, 2019