KARACHI - Pakistan Stock Exchange (PSX) on Tuesday witnessed another uninspiring session with a sharp decline in the KSE 100-index level. On account of political uncertainty and selling pressure from foreign investors, KSE 100-index lost 1,389 points and closed at 43,899 points.

Weak external account numbers and fear of rupee depreciation also remain a matter of concern for investors, dealers said.

The top 5 contributors to index decline included OGDC (down 3.9%), ENGRO (4.3%), HBL (2.4%), MCB (4.3%) & HUBC (3.6%), contributing 322 points to index decline.

ISL, one of the volume leaders, announced financial results, reporting EPS of Rs7/share, up 158%. The results were in line with estimates, however, the stock declined by 4.2%. The result was accompanied by final cash dividend of Re1/share, said analyst at Topline Securities.

SSGC (down 5%) hit its lower lock on the back of news regarding OGRA cutting rate for Sui Southern gas by Rs10 per unit. ISL (-4.24%) closed near its lower circuit. The company announced its year-end results posting an EPS of Rs7 and a final cash dividend of Rs3.50. E&P sector closed in the negative zone as oil prices slid for a second session, plumbing fresh three-week lows on a stronger dollar and concerns over a global supply glut, stated analyst Maaz Mulla at JS Global.

PPL (down 2.93%), POL (2.04%) and OGDC (3.95%) were among the losers from the aforementioned sector. PSO (down 2.23%), SSGC (5%) and SNGP (down 5%) from the OMC sector also witnessed selling pressure in the sinking market despite positive news for the sector where ECC is expected to consider increasing profit margins of OMCs and dealers through prices of petroleum products. MLCF (down 14%) from the cement sector released material information which stated an announcement of 12.50% right share issue at a price of Rs65/share for its grey clinker production, market participants said.

Traded volumes were up 68% to 191m shares whereas traded value was up 51% to Rs9.1b/$86m. BOP from the banking sector led the volume with 12 million shares changing hands.