KARACHI: After four days of rising trend that lifted the index close to the 34,000 level, market went in consolidation phase on Tuesday. The KSE-100 index pulled back by 41.93 points (0.12 per cent) to close at 33,766.49.
As investors decided to take profit, their sentiments were also dampened by regional markets most of which ended in the red due to a fall in global oil prices.
Dealer Imran Ali at Invest and Finance Securities commented that the market opened on a positive note. However, later in the session, profit-taking was witnessed in cement stocks which pushed the index in red.
Another analyst observed that traders who were active in construction and allied (primarily cements) resorted to book gains and close their trading positions. Cement sector, which have seen good going for the last few years, also bore the brunt on news that the Association of Builders and Developers (ABAD) had appealed to the government to take action against sky-high prices or allow cement imports.
Major declines were noted in DGKC (0.53pc), FCCL (1.19pc) and CHCC (1.81pc).
The energy sector, mainly E&P, refineries and OMCs were also the worst affected.
Oil exploration stocks came under pressure as international crude prices continued their downward trend. Pakistan Petroleum (PPL), Oil and Gas Development Company (OGDC) and Pakistan Oilfields (POL) declined by 1.2pc to 1.6pc.
PTC (6.38pc) closed near its upper-circuit.
Banking sector dragged the index down by 62 points as investor remained cautious in the face of SBP monetary policy to be announced on April 9, 2016.
Courtesy : Dawn News