The stock market ended down 15.29 points on Tuesday despite last hour buying activities. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,885 points as against 33,900 points showing a decline of 15 points.
The market kept fluctuating throughout the day after opening on a positive note. In line with expectation, Pakistan successfully retained its status in the MSCI Emerging Market Index, which helped create positive momentum in the stock market.
Fauji Fertiliser Bin Qasim (FFBL) and International Steels Limited (ISL) both touched their lower locks after their removal from the MSCI global small-cap index. The proposed tax amnesty scheme, which was approved later on Tuesday, also played a role in market’s movement. Overall, trading volumes decreased to 105.7 million shares compared with Monday’s tally of 121.2 million. The value of shares traded during the day was Rs4.3 billion. Shares of 322 companies were traded. At the end of the day, 93 stocks closed higher, 205 declined and 24 remained unchanged.
K-Electric was the volume leader with 7.1 million shares, losing Rs0.06 to close at Rs3.92. It was followed by Unity Foods with 7.1 million shares, losing Rs0.95 to close at Rs9.8 and Maple Leaf Cement with 5.4 million shares, losing Rs1.15 to close at Rs21.93. Foreign institutional investors were net sellers of Rs305.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan. — VoM