The bourse opened on a positive note on Tuesday but could not sustain the momentum as investors opted to remain cautious.
At the close, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.06% or 14.8 points to end at 26,240.41.
“With earnings excitement failing to keep investors hooked, there was an overall selling mood across the board as investors chose to trim positions in the wake of uncertainty after a steep fall on Monday,” said Jawwad Aboobakar of
Most oil, financial and cement (stocks) contributed to the decline, which included
However, late buying, especially in
“The market closed marginally in the red zone as the downward momentum kept the bulls in a cautious mood,” said
“The market should resume upward momentum as selling from local mutual funds following a large redemption from a government pension fund exhausted. The ongoing result season should also invite volumes in top-tier names,” the analyst said.
Trade volumes dropped to 222 million shares compared with Monday’s tally of 287 million.
Shares of 393 companies were traded. At the end of the day, 167 stocks closed higher, 209 declined and 17 remained unchanged. The value of shares traded during the day was
Foreign institutional investors were net sellers of
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