Stocks lost 14.80pts: KSE
Karachi: The KSE-100 index was way too jumping at various zones till the last hour on Tuesday, and then it settled at a small loss of 14.80 points at 26240.41.
The investor interest was low and final figures showed net outflow in the minor sum of $0.13 million. Day traders and punters entered in larger numbers to make quick gains and purchased stocks worth $3.37 million.
‘Trash stock’ such as Samba Bank’s right issue, which closed at price of only 78 paisa, saw seventh highest volume for the day at 8 million shares.
Most other volume leaders also belonged to the second and third tier stocks. Meanwhile mutual funds were seen to be major sellers for the second day, offloading stocks worth $4.80 million, which some market participants attributed to large redemption calls.
Uncertainty over outcome of Turkish RPP damages claim of $2.1bn from GOP, delays in privatisation of SOEs and circular debt concerns in energy sector were major reasons for stocks fall.
The market should resume upward momentum as selling from local mutual funds following a large redemption from a government pension fund exhausted.