KARACHI: Market witnessed profit-taking for the second day in succession due to lack of factors that could trigger investor enthusiasm. The KSE-100 index was dragged down by 103 points (0.30 per cent) and closed at 34,083.

The index got off to a firm start and managed to touch intraday high of 73 points before profit-booking set in which saw it drop to intraday low by 257 points. Foreign investors, mutual funds and brokers dumped the stocks but much of it was picked up by banks and individuals which cushioned the losses.

The second day of the Financial Action Task Force proceedings kept hopes alive of Pakistan managing to stave off the black list. The anger of some brokers over the brokerage commission, which had caused quite a bit of commotion a day earlier, simmered down.

The results’ season also kicked off on Tuesday with the Attock group and some others reporting financial figures. On the political front, the upcoming Azadi March by a political party had some sinister connotations, but most major market players thought that the government would be able to ride out the challenge.

The volume increased 13pc to 156.2 million shares, from 137.9m a day ago while traded value also rose 10pc to $33.9m. Stocks that contributed significantly included Worldcall Telecom, Fauji Cement, Lotte Chemical, Engro Polymer and Chemicals and Unity Foods, which formed 35pc of the turnover.

Sector-wise, exploration and production was the chief laggard posting loss of 59 points, followed by power generation and distribution at 45 points. Cement remained mostly unchanged while the automobile and pharmaceuticals remained under pressure.

Among scrips, major losses were contributed by Pakistan Oilfields, down 2.08pc, Oil and Gas Development Company 1.17pc, Sui Northern Gas Pipelines 3.40pc, Engro Corporation 0.56pc and Mari Petroleum 1.61pc. On the flip side, gainers were Habib Bank, up 0.44pc, FFauji Cement 3.57pc and Faisal Bank 4.74pc.

Published in Dawn, October 16th, 2019