KARACHI: Following three days of continuous gains, the KSE-100 index on Wednesday shed 218 points (0.48 per cent) to close at 45,418 points.

The market remained volatile throughout the day, making an intraday high of 172 and low of 339 points.

The volume ticked up 5pc over the previous session to 165.5 million shares, while the traded value slipped 1pc to Rs8.9 billion.

Volume leaders were again mid-tier stocks. “The market appears to be caught in limbo, where valuations are attractive and earnings growth is projected to be strong, and yet the unclear outlook for politics cannot be ignored,” stated analysts at Intermarket Securities.

Engro was down 2.5pc, UBL 1.4pc, Lucky Cement 1.4pc, Hubco 1.5pc and OGDC 1.3pc which collectively erased 153 points from the index.

While DAWH was up 4pc, PPL 1.4pc, MARI 2.7pc, INDU 2.7pc and APL 4.4pc adding 99 points.

On the sector front, cement bled 81 points, banks 52 points, power 45 points, fertiliser 37 points; while OMC’s added 14 points and autos 12 points.

Market commentator Ahsan Mehanti of Arif Habib Corp stated that the stocks closed lower amid pressure in blue-chip stocks on investors’ fear over foreign outflows and dismal economic data. “Late session support remained in blue chip oil and banking stocks on surge in global oil prices and reports of increase in banking deposits. Concerns over the outcome of Supreme Court review over JIT probe in Panamagate played a catalyst role in bearish close,” he said.

Published in Dawn, July 20th, 2017