The KSE-100 Index which is in the grip of bearish sentiment for quite a few days remained depressed with extremely thin market volume of 180 million indicating the state of gloom persisting in the market.
The index dragged by 16 points to close in red at 48289 levels. K Electric however was the volume leader of the day with a trade of 28 million shares to its credit while the Bank of Punjab and Sui Norther were second and third volume leaders with trade of 16 million and7 million shares to their credit respectively.
The oil prices however rose on Wednesday to US$49.60/bbl after EIA crude oil inventories’ data showed a draw of 0.2 million barrels, the first weekly decline after nine straight increases, as compared with the expectations for an increase of 3.7 million barrels. In addition, the prices were also supported after IEA said that demand should overtake supply in the first half of this year.