KARACHI -  Rupee depreciation in the open market along with rumors of foreign selling pushed the stock market, which closed at all-time high on Monday, down on Tuesday. The 100-index declined by 249 points and closed at 42,811 points.

Market opened on a positive note and rallied to make an intra-day high of 237 points but came under selling pressure during the later hours, brokers said.

Banking sector remained under pressure as the State Bank of Pakistan (SBP) in its Monetary Policy Statement (MPS) on Saturday kept the interest rate unchanged at 5.75%. On the contrary, investors were anticipating an increase in policy rate given the rising trend in the inflation (CPI) numbers. MCB (down 2.96%) and UBL (2.33%) were major losers of the aforementioned sector.

E&P sector continued its downward trajectory on the back of prevailing uncertainty that OPEC members might not reach to an agreement on production cut. OPEC members Iran and Iraq have expressed their reservations over production cut, whereas Russia has refused to participate in the talks with OPEC members in their meeting tomorrow in Vienna. POL (declined 2.09%) and OGDC (1.27%) were major losers of the aforementioned sector, stated analyst at JS Global.

Overall, volumes increased by 27% to 585m shares, while value increased by 33% to Rs17.7b/$169m.

Banking stocks led the index to decline as HBL, UBL and MCB declined between 1.5%-2.9% while contributing 146 points to the fall in index. SSGC once again closed at its lower limit of 5%. However, heavy volume was seen in SSGC of approx 30m shares being traded, dealers said.