KARACHI: Intense selling pressure kept the local bourse in red zone on Tuesday as KSE-100 index fell below 9,800 psychological level.
The benchmark-100 slipped 19 points to close the day at 9,778 points.
Market began on an optimistic note, led by expected $1.8bn funds from FoDP, sustained foreign inflows in equities and improvement on macro economic (surge in remittances and decline in core inflation YoY basis figures) but momentum changed later in the day as oil sector witnessed selling pressure that led market into negative territory.
Turnover remained on the lower side at 112mn shares, down by 37.5 percent as compared to last trading session whilst second tier stocks BAFL, PAKRI, AHSL and JSCL contributed most of the volume in Tuesday’s session.
Bank Al-Falah was crowned as the volume leader, down by Rs0.08/share to close at Rs14.22.
Experts said financial results may lead to positive activity at the local bourse.