The Pakistan Stock Exchange extended its losing streak on Wednesday as the KSE-100 index retreated 284 points amid a pre-holiday selling spell. Despite the bearish sentiment, the market sustained the 45,500 point mark.
The session began on a positive note with the benchmark KSE-100 index remaining range-bound in the initial hours. Owing to the sell-off, the market began its descent mid-day and erased all gains.
At close on Wednesday, the KSE-100 ended with a loss of 284.38 points, down 0.62%, to finish at 45,533.3.
KSE-100 falls below 46,000-point mark after 0.55% decrease
“Bears dominated the PSX once again on Wednesday,” stated a report from Capital Stake. “Indices slipped lower and lower for most part of the day while volumes inched up from last close. Equity markets around the globe showed mixed trend.”
Crude oil prices moved north with WTI crude oil price rising by 0.4% to $102.11 while Brent crude oil price was up by 0.7% to $105.34.
On the economic front, Prime Minister Shehbaz Sharif will depart for Saudi Arabia on April 28 to strengthen bilateral trade, investment and economic ties.
During the visit, Shehbaz is expected to hold bilateral interaction with the Saudi leadership and the two sides are expected to exchange views on a range of regional and international issues of mutual interest.
Sectors driving the benchmark KSE-100 index downward included fertiliser (106.76 points), technology and communication (61.73 points) and cement (39.5 points).
Volume on the all-share index rose to 223.8 million from 210.2 million on Tuesday. The value of shares traded contracted to Rs5.58 billion from Rs6.23 billion recorded in the previous session.
Cnergyico PK was the volume leader with 63.68 million shares, followed by Pakistan Refinery with 26.17 million shares, and G3 Technologies with 11.28 million shares.
Shares of 331 companies were traded on Wednesday, of which 116 registered an increase, 186 recorded a fall, and 29 remained unchanged.
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