KARACHI: Pakistan stocks took a downturn after gaining three days in a row as investors preferred to take a breath and materialize gains as the week approaches its end. Oil and energy stocks followed international oil price fall.
The Karachi Share Index (KSE-100) lost 292.08 points (0.63 per cent) after closing at 46,166.05 points against the previous closing of 46,458 points. The market went as high as 46,646.72 points during intra-day trading, while recorded as low as 46,113.06 points.
Trading volume increased to 844 million shares today as compared to 610.9 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 26.22 billion from Rs 29 billion in the previous session, the data said.
The prices in the last few sessions went high to attractive levels as the corrections and profit-taking was due, while the investors adopted cautious strategy for the weekend, traders and analyst said. Oil and energy stocks were under selling pressure followed by oil price decline in international markets, they added.
Crude oil prices edged down as strengthening dollar and new travel restrictions to contain the spread of the Covid-19 virus raised concerns over global fuel demand.
Brent crude futures slipped by $0.36, or 0.65%, to reach $55.45 a barrel, while US West Texas Intermediate (WTI) crude futures reduced by $0.33, or 0.62%, to reach $52.52 a barrel.
Concerns are increasing over fuel demand amid a rise in COVID-19 cases. Furthermore, vaccine supply in Europe and travel restrictions in countries, including China.
The share price of Bata Pakistan increased by Rs 99.55 to Rs 1,599.55 while Khyber Tobacco gained Rs 42.69 to Rs 611.90. On the other hand, Sapphire Textile lost Rs 82.50 today to close at Rs 1,017.50 while Colgate Palmolive lost Rs 55 to close at Rs 3,000.
