Staff Reporter
Karachi
Bearish sentiment persisted at the Pakistan Stock Exchange on Thursday and the KSE-100 index shed 96.2 points in a lacklustre session as investors adopted a cautious stance on the last trading session before Eid.
The oil sector posted gains owing to a spike in global crude prices during the day. Brent crude was trading at $36.51 per barrel while the US West Texas Intermediate crude was priced at $34. Both benchmarks were at their highest levels since March 11.
On the other hand, financial sector stocks recorded losses as Moody’s rating agency had put five Pakistani banks under watch for possible ratings downgrade.
Earlier, trading kicked off on a positive note, however, the uptrend could not be sustained due to sombre mood and weak investor sentiment.
Amid cautious trading, investors resorted to profit-booking, which pulled the index down into negative territory. A buying spree towards the end helped recoup some of the losses.
At close, the benchmark KSE-100 index recorded a decrease of 96.20 points, or 0.28%, to settle at 33,836.61.
JS Global analyst Maaz Mulla said Pakistan Stock Exchange closed negative as the index hit intra-day high of +116 points and low of -175 points and closed at 33,836, down 96 points.
The market will remain closed from Friday (May 22) to Wednesday (May 27) to mark Jummatul Wida and Eidul Fitr.
