KARACHI

Stocks on Tuesday closed bearish amid future contracts rollover on concerns for economic uncertainty and fate of NA proposals approval in the revised Finance Bill 2015 on the corporate sector.

The market continued to dip as it closed down 145 points at 34,134. As the week is marked as a futures roll over week, market continued to remain under pressure with lackluster volumes. Cement sector showed some stability as DGKC, MLCF and POWER showed an increase of 0.6pc, 2.0pc and 3.2pc respectively. Byco continued its rally ending at its upper-circuit at Rs21.89, with investor interest remaining bright. As global oil prices stabilise, lack of interest was seen in the oil and gas sector with PSO, POL and PPL ending lower by 0.7pc, 0.23pc and 0.7pc respectively. Sideboard scrips continue to remain under limelight as DSL, DCL and TRG ended higher by 12.2pc, 6.1pc and 2.9pc.

Pharma sector continued its rally with almost all scrips posting strong gains. Amongst significant news, FFBL ended near its upper-circuit with renewed investor interest while PAEL ended at its upper-circuit closing with strong volumes, commented analyst Umair Hasan at JS Global.

Ahsan Mehanti at Arif Habib Corp stated dismal data on exports Jul-May'15, rising circular debt in energy sector and weak global crude prices played a catalyst role in the bearish activity at KSE.

Traded volumes increased by 37pc to 258m shares, whereas traded value increased by 38pc to Rs10b/ $98m.

Major activity was seen in mid cap stocks like KE, DCL and TRG where traded volumes stood at 30m, 27m and 24m shares respectively.

Renewed interest was seen in PAEL as there was rumour that NBP loan will be converted into ordinary shares at higher rate which had a positive impact on stock price, which increased by 5pc. Investor preferred to stay side lined due to lack of any positive news flow and roll over week, observed Samar Iqbal at Topline Securities.