KARACHI: The KSE-100 Index underwent a volatile ride on Tuesday, hitting an intra-day low of 44,465.31 before institutional buying helped stocks recover to close almost flat.
The benchmark-100 started off in the red with investors resorting to profit-taking. The index plunged 432 points in intra-day trading before value-buying and upcoming results announcements provided the positive triggers. However, there was a clear resistance near the 45,000 level. At close, the KSE-100 Index ended with an increase of 9.51 points or 0.02% to finish at 44,907.20 points.
Elixir Securities’ analyst Muhammad Arbash said equities closed little changed after witnessing volatile trading where the benchmark index swung in a 500-point range.
“Market opened on a lacklustre note and as the day progressed profit-taking was seen in specific sectors namely financials, steels and autos. Institutional interest reportedly from foreigners remained higher in cements,” Arbash commented.
“Oils also remained in the limelight with Oil & Gas Development Company (OGDC PA +1.3%) announcing hydrocarbon discovery that according to our analyst will have a positive EPS impact of Rs0.2/share.