Bears dominate PSX as KSE-100 loses 389 points

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Amanullah Khan

Karachi

Bearish momentum had an impact on KSE 100 Index which dropped by 389 points to close in red at 41389.99 levels here Wednesday.
The political uncertainty continued to weigh on the market sentiments reflected in the low market volumes of 147 million all shares. However the rising international oil prices pulled the attention of the investors towards oil based stocks as well as steel scrips. It may be noted that the international oil prices edged higher in the previous sessions by more than 3% to US$48.95/bbl as market recovered from Hurricane Harvey and more U.S. refineries and pipelines started moving oil and fuel. Yet, incoming storm could cut fuel demand and weigh on prices, analyst warned.
Meanwhile the TRG Pakistan retained its position as the volume leader of the day with a trade volume of 19 million shares to its credit.
The other two volume leaders of the day were including JS Bank and Aisha Steel with trade volumes of 12 million shares and 8 million shares to their credit respectively.
The bearish momentum however compelled stocks of the majority of the listed companies as shares of 245 companies were the losers in todays sluggish activity while stocks of 94 companies were the gainers.

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