The market came under pressure from outset of the trading and then remained directionless, that disturbed investors, especially individuals and those having small holdings. Stock analysts said tone of the market was volatile, as it took a bearish start in the morning but soon started improving. After some time, it again came under pressure and finally closed with a bearish note, they added.
According to brokers, though pressure was witnessed in many sectors, including textiles and banks, bulk of it was observed in PTCL, which shed Rs 3.55. Fertilisers and petroleum sector, however, showed an encouraging movement due to which, a major downslide was halted. According to brokers, the market is still overbought, therefore, it may further shed weight.
Dr Shahid Zia, head of research, Switch Securities Ltd, said despite erratic movement, the market remained directionless throughout the day, but the situation was not as worse, as it was on the last weekend, he said. But he added that the situation did not seem improving in very next session. Most of pressure was seen in PTCL, which was not a good sign for the overall sentiment, he pointed out. However, fuel and energy sector, particularly PSO, surged on hopes of increase in the petroleum prices in the domestic market, he maintained. If oil marketing companies advisory committee raises the prices in its quarterly review meeting, the profitability of oil marketing and distribution companies will increase, he pointed out.
About trend of the market in coming session, Dr Shahid Zia said that it was likely to remain subdued on Tuesday due to three day's badla. Therefore, it will be wise to remain on sidelines. According to him, it is still not clear whether the market has come out of overbought range or not, thus, wait and see policy might be a better decision for the public.
Out of a total of 91 traded scrips, 21 improved in worth, 19 landed in negative column, while 51 remained intact to its previous closing levels. Among key gainers, Fauji Fertiliser was up Rs 9.00, PSO Rs 8.40, PPL Rs 4.20, Askari Commercial Bank Rs 3.40 and ICI Rs 2.40. In the negative column, PTCL was down Rs 3.55, Pakistan Industrial Credit Rs 2.10, Nishat Mills Rs 1.85, PICIC Growth Fund Rs 1.55 and Maple Leaf Cement Rs 0.40.
PTCL led the market by volume with 16.397 million shares followed by OGDC with 8.184 million shares.