KARACHI - Bears dominated the Pakistan Stock Exchange (PSX) for most of the day on Tuesday and as a result the benchmark 100-share index lost another 192 points and closed at 41,291 points.

EFERT and FATIMA from the fertilizer sector declared their result where EFERT (up 2.73%) posted an EPS of Rs2.11 (3Q2017) and announced a cash payout of Rs3.0/share, while FATIMA (down 0.42%) posted an EPS of Rs1.13 (3Q2017) with no payout. Overall cement sector closed negative where heavyweights DGKC (down 1.69%), FCCL (4.51%), CHCC (0.92%) and PIOC (4.34%) were the major victims of the sector, stated dealer at JS Global. Top 5 index point decliners were POL (down 1.3%), NESTLE (1.8%), NBP (1.4%), PSMC (2%) & AICL (1.4%), eroding 32 points, while HBL (up 1.3%), MCB (1.7%), SNGP (5%), HUBC (3%) & PPL (1.5%) added 170 points.

Sector-wise data indicated that cements, power generation and commercial banks cumulatively eroded 83 points whereas oil & gas exploration (E&Ps) closed in green contributing 15.5 points positively to the index, said dealer at Topline Securities. Foreigners were net buyers with net buying of $0.95m. Local mutual funds were net sellers of $3m whereas local banks & insurance bought $1.1m and $1.5m worth of shares, respectively.  

A rally was witnessed in the steel sector on back of NTC imposing anti-dumping duty on imported re-bars. ASL (up 4.55%), ASTL (2.21%) and ISL (0.92%) closed positive. E&P sector closed higher as compared to last trading day as crude oil prices edged higher in the global economy. POL (up 1.80%) and PPL (0.33%) were the major gainers of the mentioned sector.

Stocks closed lower amid pressure in the future contracts rollover week on investor concerns for prevailing political uncertainty, said analyst Ahsan Mehanti.

Institutional support was witnessed in selected oil, banking and auto stocks on rising global crude prices, upbeat financial results and levy of higher regulatory auto import duties. Concerns for dismal economic outlook and surging trade deficit and dismal IMF outlook on rising govt debt played a catalyst role in bearish close, he added. Volume fell 7% d/d while traded value was down 16%. TRG (up 1.65%) led the volume chart with 20m shares exchanging hands.