KARACHI: Pakistan stock market failed to sustain the bullish outlook as weekend sell off and absence of any positive news convinced investors to lighten portfolios. While the oil and energy stocks came under profit taking as the commodity fell in the international market.
The Karachi Share Index (KSE-100) lost 100.61 points (0.22 per cent) after closing at 45,865.02 points against the previous closing of 45,965.63 points. The market went as high as 46,239.89 points during intra-day trading, while recorded as low as 45,759.93 points.
Trading volume increased to 479.9 million shares today as compared to 468.9 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 25.7 billion from Rs 23.26 billion in the previous session, the data said.
The market opened on a bullish note on the back of fresh buying in selective stocks. The investors seem interested in taking fresh positions to cover the gap created in previous corrections, traders and analysts said. However, it was unable to sustain momentum at higher levels as oil and energy sector heavy weights took back positive support due to fall in global oil prices today. The selling pressure kept investors from taking extra risk particularly at the end of the trading week, they added.
Oil prices fell on Friday as bond price rout led to gains in the US dollar while crude supply is expected to rise in response to prices climbing above pre-pandemic levels.
Brent crude futures for April, which expire on Friday, fell 99 cents, or 1.4%, to $65.89 a barrel by 1203 GMT. The more actively traded May contract slipped by $1.19 to $64.92.
The share price of Mehmood Textile increased by Rs 38 to Rs 555 while Shield Corporation gained Rs 27.18 to Rs 389.67. On the other hand, Colgate Palmolive lost Rs 203.97 today to close at Rs 2,666.02 while Rafan Maize lost Rs 200 to close at Rs 10,000.