Our Staff Reporter
KARACHI

The index flowed in a see-saw fashion due to loss of investors’ confidence as result, the Karachi Stock Exchange’s (KSE) benchmark 100-share index on Monday fell 0.10pc or 35.49 points to end at 34,226.12 points level.
Volatility prevailed in today’s session as the index swung between up 135 and down 64 points to finally close in the red zone. Besides the news of increase in textile export duties and local prices the textile sector specifically NML down 1.0pc failed to react amid recent loss of investors’ confidence and due to ongoing NAB inquiries against the group, resultantly major players in the sector closed in the red zone. Intraday decline in global crude oil prices took its toll on the sector, where with initial rally in the sector players such as Byco, Hascol and ATRL closed in the red zone with the exception of PSO up 1.1pc. Interest in the scrip remained high due to increase in local POL product prices and healthy corporate results announced last week.
Interest remained high in the fertilizer sector, where major scrip’s remained positive throughout the day and closed positive, with the exception of the EFERT and Engro that closed down by 1.6pc and by 0.4pc respectively on the back of weaker than expected corporate results last week, observed analyst Ahmed Saeed Khan at JS Global.
Today’s volumes stood at around 123m shares with value Rs5.6b/ $54m.
Major activity was seen in the stocks of TRG Pak, Peace (Pak) and K-Electric with volume 18.5m shares, 11m shares and 10.6m shares respectively.
Dealers expect the market to remain lackluster in coming session.