KARACHI

Karachi stock market on Tuesday closed bearish on global equities sell-off owing to weakness in energy stocks after crude prices fell to a 7-year low of around $37 per barrel. The KSE 100-index lost 61.83 points to close at 32791.71 points.

Market took pressure in oil stocks. Fall in dollar value against Pak rupee gathered investors’ interest in cement stocks as they believe they would benefit from low coal prices and declining dollar value. Interest was witnessed in DGKC that went up by 0.91%, MLCF gained 1.83%, and FCCL rallied by 1.13%. While, LUCK closed in negative territory, observed analyst Mohammad Rizwan at Topline brokerage.

PAEL was in limelight and gained 4.36% on improved PACRA rating and strengthening of the rupee against the dollar.

Announcement made by Mari Petroleum that majority of their fields would convert into 2012 petroleum policy helped the stocks to close up on 2nd consecutive day, analyst said.

Total volume increased by 23% to 192m shares while traded value went up by 17.5% to Rs9.4b ($88m).

Oil stocks fell sharply amid thin trade on institutional selling. Support was witnessed in leveraged stocks on falling borrowing costs, stated analyst Ahsan Mehanti.

Concerns for additional budgetary measures taken by the govt impacting corporate sector and institutional profit taking in overbought fertilizers and cement stocks played a catalyst role in the bearish activity.

Major activity was confined to KEL, JSCL and Pak Elektron with traded volumes 21m shares, 15.5m shares and 15m shares respectively.