Karachi: Pakistan Stock Exchange (PSX) failed to find support at lower levels as investors preferred profit-taking and stop-loss strategy. Oil and energy stocks remained under selling pressure as global oil prices declined for the second day in a row on supply concerns.
The bearish sentiments made the benchmark index move down for the sixth straight day. The benchmark Karachi Share Index (KSE-100) lost 247.16 points (0.54 per cent) after closing at 45,808.36 points against the previous closing of 46,055.52 points. The market went up to 46,364.31 points during intra-day trading, while recorded as low as 45,727.90 points.
Trading volume declined to 442.7 million shares today as compared to 1.1 billion traded in the previous session, according to PSX website data. The daily traded value declined to Rs 20.9 billion from Rs 35.5 billion in the previous session, the data said.
The market was already under selling pressure, while the weekend close and the current decline in oil prices internationally markets added to the fall, traders and analyst said. The market was expected to find some support at 46,000 points levels but it seems that investors were too cautious to be attracted by revised lower prices,
Brent crude fell by $0.39, or 0.6%, to $60.75 a barrel while US oil dropped by $0.44, or 0.8%, to reach $57.80 a barrel, reported Reuters.
Oil prices have been high over the last few weeks as OPEC and its allies reduced production while Saudi Arabia promised a voluntary output cut from this month.
The share price of Indus Dyeing increased by Rs 39.90 to Rs 639.90. while Sunrays Textile gained Rs 39.57 to Rs 600. On the other handK.S.B. Pumps lost 28.50 today to close at Rs 351.50 while Sapphire Fiber lost Rs 28 to close at Rs 900.