Stocks edge lower on lack of triggers
KARACHI: The stock market remained in search of direction for the second day in the absence of positive triggers. Short-term investors booked profit, reducing their intraday positions.
The KSE-100 index closed on a flattish note, giving away all the 11.63 points (0.03 per cent) secured the previous day and settle at 43,207.04.
Traders said that after a major run-up since August last year, the index was consolidating at the current levels before moving forward. Early trade witnessed much of the volatility and the index touched the intraday high and low by 250 and 123 points.
Investors remained disinterested in much of the latter day trading when speculators were busy churning mainly low-priced stocks. Cyclicals bore the major selling pressure as most cement stocks fell due mainly to the higher coal prices. Steel shares also followed suit and lost values.
Foreigners continued to build portfolio with net purchases of shares worth $1.25 million. The volume declined 32pc to 250m shares, from 366m while traded value also decreased 28pc to Rs7.8 billion, from Rs10.8bn.