KARACHI -  After losing 911 points on the first trading day, the Pakistan Stock Exchange (PSX) benchmark index continued to slide on second consecutive day on Tuesday and conceded another 214.57 points or (0.44%) to close at 48,757.67 points.

Market opened on a negative note as the index lost to make an intraday low of 623 points during the initial hours of the trade on the back of aggressive selling by investors.

 The selling was led by fear of strict action by SECP on compliance issues.

Some recovery was later witnessed in the market as the index gained to make an intraday high of 171 points. However, the recovery was short-lived as the market again lost ground to close 215 points lower at 48,758 level, brokers said.

FFL (up 1.78%) gained on the back of material information disseminated in the market in which company announced that its UHT process machine and ancillary equipment has commenced operation following successful completion of its BMR. FFC (rose 0.79%) gained as the fertiliser company announced its year-end result for 2016. In its result, the company posted full year EPS of Rs9.26/share.

This year end-result was accompanied by a final dividend payout of Rs2.75/share taking the full year payout to Rs7.90/share. Today’s major index movers were LUCK (slip 2.0%), HBL (1.05%) and MCB (1.39%), stated analyst Nabeel Haroon.

Late session support witnessed in oil stocks on likely surge in local POL prices, rupee appreciation and speculations on financials. Dismal earning announcements in fertiliser sectors and cautious activity amid regulatory oversight played a catalyst role in bearish close in the earnings season, dealers said.

Overall volume decreased to 316mn shares as compared to 389mn shares changed hands yesterday, while traded value also declined to Rs19.3bn/US$184.4mn.

KEL (gain 1.46%) was volume leader for the second consecutive day of the week, as more than 32mn shares of the company exchanged hands.