KARACHI: Market remained on a slippery slope for the third successive day with the double-digit volume figures revealing scant investor interest. The KSE-100 index plunged 274 points (0.69 per cent) and closed at 39,294.10.

The index opened sideways and quickly shot up to intraday high by 179 points as the National Assembly endorsed the second supplementary bill. However, it later succumbed to profit-taking as investors’ concerns over local and geopolitical situation put into shade the positivity generated by the endorsement of incentives in the interim budget.

Macroeconomic concerns and the ambiguity over the International Monetary Fund bailout also poured cold water over investor sentiments. Figures released by the National Clearing Com­pany of Pakistan showed net sales of $0.92m by foreigners, which seemed to belie the rumours doing the rounds of major selling of Oil and Gas Development Com­pany (OGDC) scrip by foreign institutional investors.

The Index dipped to intraday low by 310 points. The volume recorded slight improvement, increasing 2pc to 83m shares, from 81m. Average traded value, however, decreased by 3pc to $27.6m as against $28.4m.

Automobile sector was the major gainer as the passage of mini budget confirmed the removal of restriction against non-filers for purchase of locally assembled cars. Banking reacted negatively to the approval of economic reforms package by the parliament, dragging the index down by 60 points as super tax clause dampened investor sentiments. From exploration and production, heavyweights closed in the red as crude oil prices softened in the international market.

Scrip-wise, major contribution to the index downside came from OGDC, decreasing by 2.21pc, Hub Power 1.96pc, Bank Al Habib 2.04pc, Pakistan Petroleum 1.05pc and United Bank 1.30pc, taking away 147 points. On the flip side, Indus Motor Company, up 5pc, Meezan Bank 1.22pc and Pak Suzuki 4.99pc added 33 points.

Published in Dawn, March 8th, 2019