Index dips 173 points amid lack of triggers.

For the second consecutive day, bears rampaged the market knocking off 172.93 points (0.42 per cent) from the KSE-100 index which closed at 41,332.75.

Market participation was thin as local individuals and foreign investors remained engrossed in profit-booking on strength. Figures released by the National Clearing Company of Pakistan showed foreign investors absorbing all the liquidity with net buying of $3.36 million on Thursday, which took the aggregate year-to-date inflows to $35m.

Local participants remained on the sidelines in the absence of positive triggers. Some analysts pushing the theory of a major rally said that the market was merely consolidating after its YTD gains of 12pc and 6pc rise in the last 13 sessions.

The Index took off on a positive note, managing to record an intraday high of 41,606 after accumulating 100 points in the morning. But persistent profit-taking in blue-chip scrips ie oil, financials and cement dragged the index down into negative territory.

Pragmatists advised caution and to stay on the defensive as no progress was reported in talks with the...