KARACHI - Concerns over prevailing political uncertainty halted the upward trajectory of stock market on Tuesday as the benchmark 100-share index lost 31.23 points to close at 39,991.79 points. Volatility prevailed in the Pakistan Stock Exchange as the index, after trading between an intra-day high of 40,084 points and intra-day low of 39,943 points, finally closed in red zone.

KEL led the volumes at the local bourse on the back of notification disseminated in the market that Shanghai Electric Power Company has shown interest to acquire 66.40% of the utility. GHNL (up 2.1%) in the automobile sector gained on the back of announcement by the company that it has entered into a partnership with Lucky Cement to assist in its Dongfeng Trucks fleet operation. OGDC (up 0.1%), POL (1.1%) and PPL (0.2%) in the E&P sector gained to close in the green zone, as crude oil prices surged to trade above $47/bbl level (WTI), stated analyst Nabeel Haroon at JS Global.

Yesterday’s trading volume rose to 424m shares compared to 389m shares of the previous day, while value also increased to Rs13.2b/$126.4m.

Out of total 441 active companies that participated in the trading session, 192 closed in green, and 231 in red while 18 remained unchanged.