KARACHI

Range-bound activities prevailed at Karachi stock market on Tuesday as bearish sentiments dominated market proceedings in the wake of profit-taking, the KSE-100 index closed at 56.58 points down at 33910.17 points, down 0.17pc.

Volatility continued in today’s session as the index oscillated between green and red to finally close in negative.

Investors preferred to took profit taking on PAEL on the rumour of below than expecting quarterly result which resulted in PAEL to close its lower limit 5pc down.

MCB announced its quarterly result which was better than investor expectation helped MCB stock to close with a gain of 0.83pc, stated dealers at Topline Securities.

Traded volume increased by 26pc to 170m shares while traded value also increased by 17pc to Rs8.8b/ $84m.

The E&P sector remained depressed as international crude oil prices continued its downward trajectory. Cherry picking and profit taking continued in the fertilizer sector on the back of expected gas tariff hike in January, as EFERT and FFBL closed down 1.27pc and 0.74pc respectively. The banking sector remained upbeat throughout the day, with three out of five big five banks closing marginally higher.

MCB up 0.62pc) after announcing close to expected results rallied the most between the big five banks, observed analyst Ahmed Saeed Khan.

Activity was seen in mid cap stocks like, TRG, PAEL and JSCL with 14.7m, 14.2m and 11.3m shares respectively.

Dealers expect volatility to persist in the market as the market lacks any positive trigger.