KARACHI - Bear-run continued at the Pakistan Stock Exchange (PSX) on Tuesday, with the KSE 100-index plunging by 707 points (1.75%) and closing below the psychological level of 40,000 points. The index closed at 39,617 points, a 12-month low.

The culprits remained the same. An uncertain political environment, uncertainty on external account and absence of major triggers (uninteresting corporate results for the September quarter) created an atmosphere of panic selling, said dealer at JS Global.

Market remained in pressure throughout the day, drifting lower as lack of triggers and institutional selling forced the market to close below the key psychological level of 40k again for second time in outgoing month. The market closed at 12-month low of 39,600 points, stated dealer at Topline Securities.

Top 5 index point contributors were PAKT (up 4.9%), MARI (2.1%), PPL (0.6%), FATIMA (2.4%) & ATLH (4.6%)), adding 54 points, while top 5 index laggards were HBL (down 2.8%), LUCK (4.6%), MCB (2.3%), ENGRO (2.3%) & UBL (2%), withholding 248 points.

Sector wise, commercial banks and cements eroded 319 points cumulatively while tobacco and engineering added 22 points. 

Foreigners were net sellers with total net selling of $19.3m. Total net foreign selling during October stood at $8.9m as against net buying of $28.3m during last month.

SNGP was the volume leader and closed lower by 4.5% due to concerns over potential delay in LNG-III pipeline project.

Volumes stood at 139m shares, from 99m shares traded the previous day while traded value increased to Rs9.3b from Rs6.3b. PAEL (-3.56%) led volumes with 13m shares exchanging hands.