KARACHI - The stock market witnesses range-bound activity on Tuesday as the index, after hitting an intra-day high of 39,323 points and an intra-day low of 39,162 points, finally closed at 39,208.88 points, down by 44 points.

SSGC extended its previous day gains to close on its upper circuit on the back of the news that the government has decided to increase electricity and gas tariff this month to meet revenue requirements as per the commitment with IMF. Despite nominal surge in Yen prices, automobile sector continued its euphoric rally, as the sector closed higher than its previous day close. Top performers of the aforementioned sectors were PSMC (up 3.1%) and HCAR (2.0%). NCL (up 2.2%) gained on the back of rising yarn prices which will benefit yarn spinners, observed analyst Nabeel Haroon.

Volumes increased by 3.5% to 178m shares while value also increased by 22% to Rs10.9b/126$m.

PSO and EFERT saw investor interest with healthy volumes of 3.5m (13.7m USD) shares and 13.6m (8.8m USD) shares. Stocks gained by 5% and 0.9% respectively. Pre-result activity was seen in PTC. Stock closed down by 0.25%. 

Profit taking was seen in HUBC and ENGRO. Stocks contributed 25 points to the fall while declining by 0.5% - 0.9%, said dealers at major brokerage.

Analysts expect some consolidation in the market though dips should be availed as opportunities.