KARACHI - Stocks continued downward trajectory on Tuesday, as the PSX index came staggering down to make an intraday low of 594 points to finally close 117 points down at 48,539 points.

OGDC (rose 0.28%) closed in the green in the E&P space, as the company announced discovery of hydrocarbons at its Exploratory Well Chhutto 1. Mixed sentiments were observed in the banking sector. Index heavy weight HBL (slipped 0.39%) was a major laggard of the sector, whereas UBL invited investor interest on the back of news that the government has waived off 15% income tax on profit the bank is earning on the foreign currency loans extended to Pakistan. Technology companies like SYS (down 0.77%) and NETSOL (2.09%) closed in the red zone on news that the taxation of e-commerce is likely to be considered in the upcoming budget, stated analyst Arhum Ghous.

Late session support in oversold banking and cement stocks supported the index to close above session lows. Trade remained thin on concerns on liquidity in second and third tier scrips and uncertainty over outcome of regulatory oversight over non compliant brokerages.

Value hunters swooped in later in the day, cherry picking blue-chips that had shed value despite no change in their fundamentals, said market participants.

TRG & SNGP led volumes with combined turnover of 26.5m shares; while SNGP & LUCK led in value, collectively trading $23.7 million.

Volumes increased by 46.6% to Rs195 million shares, while traded value rose by 65.2% Rs12.0 billion/US$114.4 million.