KARACHI

Stocks on Monday closed lower amid pressure in selected scrips across the board on rising political uncertainty and weak earnings outlook.

Volatility prevailed in yesterday’s session as the index continuously juggled between the red and green zone and finally closed 184.79 points down at 32,784.94 points level.

On the back of global oil prices dropping in the intraday, some pressure was seen in the E&P sector, although the entire sector remained marginally positive throughout the day, where top performers of the sector were HASCOL, up 4.22%, BYCO up 1.49%, and PSO, up 0.81%, respectively.

Analyst Ahmed Saeed said anticipation of auto policy being approved shortly with special incentives for large vehicle manufacturer has kept investors interest in the sector; where GHNL, up 5.00%, and AGTL, up 5.00%, hit their upper tier before mid-day. The market was influenced with rumors of some restriction being imposed on exports of cements and subsequent local price war to be initiated shortly that brought negativity to the otherwise fundaments strong sector. Top laggard of the sector was DGKC that went down 1.35%, market analysts observed.

Traded volume stood at 166m shares with value of Rs8b/$76m. Out of total 340 traded companies in the session, 125 concluded in green, 196 in red while 19 went unchanged.

Major activities were witnessed in the stocks of Byco Petroleum with 22.5m shares, Pak Elektron XD 15.6mn shares and TRG Pak with 15.4mn shares respectively.

Analyst Ahsan Mehanti stated falling banking spreads, dismal cement sales data for Sep’15 and falling local fertilizer prices played a catalyst role in bearish close ignoring recovery in global equities.