The first trading session of the month when PSX status was upgraded to emerging market confronted a crash with a huge drop of over 2200 points in the intraday trading however there was some improvement at the close the index closed in red at 48780 levels here Thursday.
Actually the brunt was faced across the board with an exception of 37 companies which were closed positive otherwise stocks of 344 companies suffered losses when the market was closed for the day in the backdrop of heavy selling by local and foreign investors.
According to market analysts and senior brokerage houses whatever happened on Thursday was quite unexpected as the landslide gave a dent to stocks across the board besides those included in the MSCI Pakistan Index facing a drop of 5 percent where lower lock was applied to avert further losses.
In this backdrop the market volume was 401 million shares. K-Electric despite facing adverse comments on power outages was the volume leader of the day with a trade of 49 million shares to its credit. K Electric stock was closed at 6.94 with a loss of 0.27 at the close.
The other two volume leaders of the day were including the Bank of Punjab and Power Cement with trade volumes of 27 million and 23 million shares to their credit respectively.
Meanwhile the international oil prices fell initially on Wednesday to US$47.72/bbl after higher crude oil supply from Nigeria and Libya, OPEC members that are exempt from the production-cutting deal. In addition, Output from OPEC rose in the month of May, the first monthly increase this year.
However, the losses were recovered when American Petroleum Institute showed crude inventories were down by 8.7 million barrels this week, compared with expectations for a decrease of 2.5 million barrels.