BISINISS WORLD NEWS

KARACHI: Heavy selling grabbed the local bourse on Tuesday as KSE-100 index was unable to maintain the 9,700 psychological level.

Market started the day in green zone as benchmark index moved in a positive direction after making double peak, but eventually became a victim of prevailing bearish spell before closing time.

The index depleted by 23 points again, with volumes reaching 161 million shares as stocks ended at 9,666 points.

Investors preferred selling in energy stocks despite impressive financial results by FFBL.

Yesterday’s FIPS data reveals that foreign investors were offloading their investments, which has contributed towards negative market sentiment.

FFBL was crowned as the volume leader, down by Rs0.12/share to close at Rs32.12.

Meanwhile, junior KSE-30 index closed at 10,147 points with a loss of 25 points.

“SBP is expected to disclose monetary policy stance on January 31, 2010 where market principles suggest that their will be no rate cut,” said a market expert adding, result season is in full swing which may change the dimensions of the index.