Bearish sentiments prevailed on Pakistan Stock Exchange on Wednesday amid profit taking in oil scrips by the investors owing to the falling crude prices in the international market.
The benchmark KSE 100 index shed 158 points to close at 40994 points’ level. The marker failed to maintain the psychological barrier’s of 41000 points level, as the index fell below the mark.
The market opened flat, however, soon it plunged into the red. Within five minutes of the market opening, the index shed over 370 points to fell below the psychological barrier of 41000 points’ level.
The index remained in the red for most of the morning session. However, by the mid-day, the market witnessed bullish sentiments and the index ventured into the green.
During the session, at one point the market gained over 160 points. However, the mid-day session bull did not last long and in the final session, the market again plunged into the negative zone.
The benchmark KSE 100 index closed 158.23 points lower to settle at 40994.05 points. During the day, 146,559,710 shares changed hands at the market.
Trading held in the shares of 378 companies out of which share prices of 218 companies surged while share prices of 141 companies decreased.
The share prices of 19 companies remained unchanged. Bhanero Textile was the market leader in term of per share gains followed by Murree Brewery.
The share prices of Bhanero Tex surged by Rs44.99 to close at Rs944.98 while the share price of Murree Brewery increased by Rs 35.34 to close at 765.33.
Colgate Palm was the biggest loser in term of per share loss followed by Pak Tobacco. The share price of Colgate Palm fell by Rs 120.80 per share to close at Rs2295.25 while the share prices of Pak Tobacco fell by Rs 46.74 to close at Rs 22987.
Commenting on Wednesday’s trade, senior analyst and chief executive officer of Arif Habib Corp Ahsan Mehnati said that stocks closed bearish amid profit taking in oil stocks due to major fall in global crude prices.
He added investors’ concerns for uncertainty over IMF economic bailout talks, outlook for SBP policy rate and financial assistance from China, UAE contributed to the bearish sentiments on the market.
Weak global equities, foreign outflows and concerns for ongoing rupee depreciation played a catalyst role in bearish close at PSX, the analyst opined.