KARACHI: Pakistan stocks lost 289 points on Wednesday owing to major hike in global commodity prices. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 44,514 points as compared with previous day’s closing of 44,803 points.
Analysts at Arif Habib Limited said that the market witnessed another bearish session due to major hike in global commodity prices.
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Cement sector took a major correction today due to spike in international coal prices, whereas good participation was observed in E&P and OMC stocks as international oil prices made a record high at $111.47.
Healthy participation was observed during the day, as value investors accumulated blue chip stocks across the board.
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Analysts at Topline Securities said that Pakistan equities closed red where benchmark KSE-100 Index settled at 44,514 level.
Higher international commodity prices and rising geopolitical tensions led the market to open sideways as market make an intraday low of 669 points.
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However in last hour witnessed some recovery where TRG, POL, OGDC and PPL closed higher where on the other hand LUCK, ENGRO and SYS were the major laggards.
Traded volume and value for the day decreased by 24 per cent and 10 per cent on a DoD basis to 234.7 million shares and Rs9.33 billion, respectively. TRG was today`s volume leader with 21.92 million shares exchanging hands.
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