Profit-taking set in at the stock market on Tuesday where bargain hunters stole the show and blue chips and investment shares failed to sustain the overnight levels.
The KSE-100 index lost 7.88 points, or 0.16 percent, to 4909.99 as compared with 4917.87 of Monday. The business dropped to 265 million shares as compared with 332 million shares.
Fahad Hasan Khan, research analyst from WE Financial Services, said that mixed trend was observed in the market with index moving back and forth throughout the session.
The market remained consolidated throughout the session as investors preferred to gradually offload their holdings at inflated levels.
Most investors followed a cautious approach as they were waiting for the outcome of the proposed meeting of car assemblers with the finance minister to discuss the recent approval by the Federal Cabinet to lower duties and allow import of reconditioned cars.
Technically, the market might continue to test its psychological level of 4900, with support staying around 4885-4895, while overhead resistance is placed around 4925-4935.
Tariq Hussain Khan from Live Securities said the market remained mix as it moved in both columns despite having a positive start due to fresh wave of buying interest in cement stocks in view of positive report regarding increase in cement prices per bag.
However, profit taking at inflated levels restricted positive direction which led to create panic among the investors. Right from the start, the investors entered the ring with the hope of further betterment in the market after an enormous increase witnessed in trading volumes.
Hasnain Asghar of Aziz Fidahusein said that the rate increase of cement and the rumour of increase in quota, accompanied by buying in the State Enterprises and other selective stocks allowed the index to make an intra-day high of 4940, rising by 23 points. Absence of support on strength disallowed any excitement and offloading from the carryover holdings wiped off the initial gains and the index closed on a negative note.
ICP SEMF moved up to Rs 52.10 from Rs 50.50 on a volume of 32.397 million shares; OGDC lost 70 paisa to Rs 52.50 on business of 31.845 million shares; D.G. Khan Cement gained 50 paisa to Rs 47.90 on turnover of 20.732 million shares; Saadi Cement rose 50 paisa to Rs 8.10 on total deals of 14.944 million shares; and PTCL shed 10 paisa to Rs 39.75 as around 14.569 million shares changed hands.
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