KARACHI: The KSE-100 index landed in red on Wednesday as investors took to profit-taking amid a dull session marked by low turnover. The index lost 342 points (0.86 per cent) to close at 39,272 after touching an intraday low of 388 points.

Investor sentiment took a bearish turn right at the beginning of the session with participants reluctant to take positions awaiting the upcoming mini-budget to be presented on Jan 23. However, auto sector was in the spotlight after the Economic Coordination Committee mandated the payment of duties on imported vehicles leading to significant gains.

According to figures released by the National Clearing Company of Pakistan, foreign investors emerged as net sellers during the day offloading $3.53 million in cement, fertiliser, and oil and gas exploration and marketing companies stocks. However, local investors increased their positions by equal amounts raking up $3.57m with individuals increasing their positions in oil and gas, cement and fertiliser sectors.

Dull investor sentiment was visible in the 24pc dip in total volume, falling to 93 million shares while traded value decreased by 35pc to $33m. Stocks that contributed significantly included K-Electric, Bank of Punjab, Pak Elektron, Pakistan International Bulk Terminal and TRG Pakistan, accounting for nearly 42pc of the total turnover.

Sector-wise, exploration and production stocks took away 94 points, banks 65 points, fertiliser 55 points, cement 52 points and oil and gas marketing companies 25 points.

Major contribution to the index downside came from Pakistan Petroleum Ltd, down 1.6pc, Oil and Gas Development Company 0.9pc, Fauji Fertiliser Company 1.2pc, Pak Elektron 2.3pc and Engro Corporation 1.1pc. On the flip side, gainers were Habib Bank, up 0.5pc, Abbott Laboratories 2.7pc, Honda Atlas Cars 5pc and Pak Suzuki Motors 2.6pc.

Published in Dawn, January 17th, 2019