KSE-100 falls on bearish oil, stock markets

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Staff Reporter

Karachi

The Pakistan stock market, after ending one session in the positive zone, failed to sustain its upward momentum on Tuesday as the benchmark KSE-100 index recorded losses and closed below 42,000 points.
A decline in global oil prices during the session, coupled with struggling world equities, sparked volatility, leading to bearish trading. Oil sector stocks bore the brunt of the dip in global crude prices, which fell for the fifth consecutive session on Tuesday, and most closed with losses.
Earlier, trading began on a positive note and the index powered past 42,500 points. However, selling pressure emerged later and henceforth, the index depicted a rollercoaster ride.
By midday, all the gains were erased and the KSE-100 entered the negative region. Selling pressure intensified in the final hours and dragged the index down.
At close, the benchmark KSE-100 index recorded a decrease of 310.56 points, or 0.73%, to settle at 41,985.19 points. The refinery sector particularly performed well with multiple stocks hitting the upper circuit. Similarly, cement and oil marketing sectors saw buying interest, which helped the index post gains.
Besides, the chemical sector remained in the limelight, registering good gains in stock prices.