Stocks on Wednesday again closed bearish amid fears of foreign selling after global stocks plunge. The benchmark KSE 100-index shed 261.38 points to close at 33,537.42 points.
Roller coaster ride continued as the index juggled between the red and green, hitting up 0.66pc at its highest point but closed down 0.77pc with volumes of 279 million shares of Rs12.4b. Analyst Ahsan Mehanti observed early gains faded on institutional profit-taking in selected scrips across the board amid concerns for weak oil prices and prevailing uncertainty in global stocks and commodities ignoring SBP announcements on economic stability in view of global financial turmoil and $1.2b annual assistance approval by Asian Development Bank.Positivity initially came in from the local side as some buying continued from yesterday but local mutual funds along with foreigners continued their selling for a straight 10th session. Slight recovery in international crude oil prices served as a positive trigger for a handful Oil & Gas scrips.
Gainers in the sector today were Hascol up 3.2pc, APL 0.57pc and NRL rose 1.07pc respectively, commented analyst Ahmed Saeed Khan. Out of total 384 traded companies in the market , 140 concluded in advance, 225 closed in decline, while 19 remained unchanged.
K-Electric was the volume leader with 16m shares, followed by Dewan Cement with 15.4m shares and TRG Pak Ltd SPOT with 14.5m shares were in limelight in trading session. Brokers expect that the volatility to persist in the market .