Karachi: On Tuesday, the Pakistan Stock Exchange (PSX) remained under selling pressure as investors kept offloading investments for the second day in a row. Selling in cement, banking and oil marketing companies overtook some resistance by positive movement in oil explorers.

The benchmark Karachi Share Index (KSE-100) lost 161.29 points (0.35 per cent) after closing at 45,728.75 points against the previous closing of 45,890.04 points. The market went up to 46,085.33 points during intra-day trading, while recorded as low as 45,659.23 points.

Trading volume declined to 718 million shares today as compared to 722 million shares traded in the previous session, according to PSX website data. The daily traded value declined to Rs 25.2 billion from Rs 25.7 billion in the previous session, the data said.

Market seems to be correcting itself ahead of upcoming changes in global and local economic fronts. The reactivation of trade and activity is positive but it has some fears also, analysts and traders said. Weakness in the second half of February and into March is a usual and typical event at this time of year, with the fears about inflation and bond yields providing the excuse for some profit-taking after a very healthy start to the year, they added.

The market was largely under selling pressure but the oil explores were there to limit the fall due to continued rise in crude prices in international markets.

U.S. crude futures prices jumped more than 3 percent, topping $61 a barrel for the first time since early January of last year. London Brent was also up 3 percent at $64.65 per barrel.

The share price of Sapphire Textile increased by Rs 59 to Rs 1,059. while Premium Textile gained Rs 20.96 to Rs 300.46. On the other hand Sunrays Textile lost 62.88 today to close at Rs 775.62 while Service Industries lost Rs 21.03 to close at Rs 918.33.

The writer is a member of staff
The reporting desk can be reached at info@thecorrespondent.com.pk

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