KARACHI: Shares snapped the three-day winning streak as the bulls took a breather on the second last day of the rollover week. The KSE-100 index tumbled 292.08 points, or 0.63 per cent, to close at 46,166.05.

A lack of triggers, fall in global markets and the ECC meeting again ignoring the approval of Textile Policy and the revision of OMC margins turned sentiments weak. Investor interest was further dented as Nepra indicated Rs1.60 per unit increase in power tariff against fuel adjustment.

The market remained volatile for the entire session, though mostly in the red as the popular sectors that had propelled the index over the past weeks withdrew support. Profit-taking in technology, E&P and oil & gas marketing companies drove the index down from intraday high by 187 points to 347 points low.

Figures released by the National Clearing Company of Pakistan Ltd showed that the broker proprietary trading led the sellers, disposing of stocks worth $2.14m. Foreign investors liquidated shares of $0.29m, while the leading buyers were individuals and companies.

Among sectors, cement, steel and banking performed well in a falling market, while a couple of power generation stocks also were steady in anticipation of change in the formula for resolution of circular debt.

Banking sector stocks saw renewed interest, after declaration of Fauji Foundation’s intention to acquire a majority equity stake in the Silkbank.

In cement sector buying was witnessed in Fauji, Maple Leaf, Lucky, Cherat and D.G. Khan. Steel shares that gained values against the general market downturn included INIL, Aisha Steel, International Steel, Agha Steel, ATL.

Other stocks that contributed positively to the index included UBL, HBL, AKBL. Shares that pulled the index down in the red included TRG, Fauji Foundation, Dawood Hercules, MCB Bank and Systems Ltd.

The traded volume rose 38pc over the earlier day to 844m shares while the value was up 10pc to Rs26.2bn.

Published in Dawn, January 29th, 2021