Index loses another 55 points
KARACHI: Volatility prevailed on the stock market on Tuesday with the KSE-100 index closing down by 54.51 points (0.14 per cent) at 38,415.31.
The market started out on a positive note with the index making to the intra-day high by 136 points, but it was unable to sustain the level and declined on profit-booking in the absence of triggers and the rollover week.
Volume increased 4pc to 154.5 million shares while traded value fell 17pc to Rs8.3bn. Activity was confined to third tier stocks as JSCL, K-Electric, Dewan Cement and Dewan Farooque Motors led volumes with cumulative contribution of 59.3m shares. Foreign investors sold-off equity worth $7.47m on Tuesday, which was absorbed by the local ‘individuals’ who bought stocks net worth $7.59m.