KARACHI

Bears continued to run shares market on second consecutive day on Tuesday as the KSE-100 Index shed 193.27 points or 0.58pc to close at 33,191.46 points.

Cherry picking was witnessed in the cements sector where only LUCK rose 0.33pc closed slightly positive, while the sector overall remained depressed. After the announcement by Prime Minister of efforts to take back the recent urea price hike, Fertilizer sector rebounded a little, where major beneficiary of this would be FFBL up 2.40pc as this would entail that the price increase by FFC and EFERT per bag would be taken back shortly, analyst at major brokerage observed.

Analyst Ahsan Mehanti said stocks closed bearish post major earning announcements at KSE amid concerns for weak earnings outlook.

Falling global commodities, dismal exports data, political uncertainty, disturbed Pak-India relations related to LoCs violations played a catalyst role in the bearish activity at KSE. Volumes remained low as 132m shares with value Rs6.5b/ $62.5m. Of total active companies in the session, 106 concluded in advance, 203 in decline while 27 went unchanged.

Major activities were seen in low-priced stocks of TRG Pak, Byco Petroleum and Jah.Sidd.Co with accumulated 25.5m shares. Market watchers expect the market to remain lackluster in coming days.