KARACHI - The Pakistan Stock Exchange (PSX) witnessed another uninspiring session on Tuesday as the benchmark KSE-100 index witnessed a sharp decline of 489 points or (1.2 percent) to settle at 40,611.

General lack of triggers, low volumes and overall weak sentiments were all compounded upon today by National Electric Power Regulatory Authority’s (Nepra) decision regarding tariff petition by K-Electric, initial impressions of which are negative. Resultantly, the KSE-100 index continued on its downward spiral, shedding another 1.2 percent. Intraday, the market dipped (2 percent) 813 points to a low of 40,287 points, commented dealer at Topline Securities.

Index point losers were DAWH (down 4.9pc), LUCK (dip 3.1pc), SNGP (slip 3.9pc), KEL (down 6.9pc) & OGDC (slump 1.7pc) eroding 156 points; while BAHL (up 1.1pc), POL (gain 0.7pc), ABL (rose 4.9pc), FCCL (up 0.9pc) & SCBPL (gain 4.2pc) added 32 points.

Sector wise; fertiliser shed 89 points amid uncertainties over export deadline and looming penalty, cement shed 77.1 points as investors remained wary of the pricing pressure ahead due to supply addition, OMCs were down 71 points and power sector shed 57 points led by KEL and HUBC. Steel companies also declined, where ISL (down 2.24pc), INIL (dip 2.30pc), ASTL (slip 1.95pc) dipped the most. Participation expanded 49 percent from yesterday’s levels amid heavy turnover of 76.7 million shares in KEL (42 percent of total volumes) as participants were busy scouring through the 111 page document to best position themselves. Traded volume stood at 184 million shares while traded value was up 6 percent, at Rs6.5 billion/$62 million. Scrips of total 386 active companies participated in the session of which 303 finished in decline, 64 in advance while 19 remained unchanged.