KARACHI: Profit-taking was witnessed on Tuesday, as the KSE-100 index shed 152.07 points (0.44 per cent) to close at 34,031.78.

Investors turned cautious after the index accumulated over 1,000 points during the previous five trading sessions.

The index oscillated between the high of 96 points and low of 174 points, as the market looked for direction.

Traded volume increased by 22pc to 239 million shares and the value was up by 10pc to Rs10.8bn over the earlier day.

Foreigners stood aside with minor net sale of $0.62m, which took the yearto-date portfolio outflow at $194.64m. Local mutual funds were the main buyers of $3.7m worth stocks.

Dealers at GlobalSecurities said that the bourse witnessed a volatile session, as it kept movingbetween the red and green zone.

Oil and gas sector followedthe global oil prices as Brent declined 7pc day-on-day to $49.86.Topline Research wrote in its report that OGDCL fell by 2.7pc; PPL decreased 2.6pcwhile POL was down 1.5pc.

Engro Foods Ltd (up by 2.5pc) remained in the limelight on expectations of better quarterly results.

Banking scrips also experienced some support in anticipation of better results.

NBP was 2.2pc up; MCB increased 1.7pc while HBL closed 0.9pc higher.

Dealers at JS Global said: `Negativity can be attributed mainly to the E&P sector along with cements and fertiliser stocks.

Biggest laggards in the cement sector were CHCC (1.13pc) and LUCK (1.03pc).

Confusion still prevails over the pricing of fertilisers therefore pressure was seen on the sector.

Analyst Ahsan Mehanti at Arif Habib Corp stated that stocks closed lower on concerns over weak earnings outlook in oil, banking and fertilisers sector amid volatile glo bal commodities.