A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File
KARACHI:
Market sentiment reversed at the Pakistan Stock Exchange (PSX) on Wednesday, with the KSE-100 Index opening in negative territory and maintaining losses throughout the session. Weaker oil prices and ongoing Middle East supply disruptions contributed to widespread selling across major sectors.
The benchmark index declined to 168,998.17, down 394.15 points or 0.23%, at 9:33 am, before extending its fall to 168,681.73, down 710.59 points or 0.42%, by mid-morning. The index later stabilized slightly, closing at 168,784.81, down 607.51 points or 0.36%, at 12:38 pm.
The index fluctuated between an intraday high of 169,382.01 and a low of 168,334.74. Trading volume reached 61.66 million shares, with a total traded value of Rs6.42 billion.
Oil prices retreated on Wednesday following an unexpected increase in U.S. crude inventories, though supply disruptions in the Middle East continued to weigh on global energy markets.
During the session, automobile assemblers, cement companies, commercial banks, oil and gas exploration firms, and oil marketing companies experienced significant selling pressure, dragging down the broader index.
The KSE-100 closed the previous session at 169,392.32.
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