Zubair Yaqoob
Karachi
Market observed continuation of downward trend today with index falling by 784pts during the session and closing -520pts. Similar to previous couple of sessions, foreign selling kept the local investors cautious despite positive news triggers.
International crude price traded below US$50/bbl that caused E&P and OMC stocks to slide. Similarly, Banking sector saw profit booking by concerned investors as foreign selling continued unabated. Vanaspati segment realized trading volumes of 29.8M shares, followed by O&GMCs 1(17.4M) and Cement (16M).
