KARACHI: Pakistan Stock Exchange (PSX) failed to maintain recovery mode as the benchmark index after breaching 45,500 points mark came down to 45,396.25. Selling in the oil and energy sector pushed the market in negative territory by noon.
KSE-100 Index is trading with a decline of 11.08 points to 45,396.25 points at 12:35 pm, after touching 45,577.36 points level at 10:16 am with gains of 167 points today.
The market opened the day positive mainly due to an extension of previous days recovery and positive news from the construction sector. Furthermore, President Biden’s positive message on Pakistan Day also helped, according to traders and analyst.
There is a selling trend in almost all the energy and oil stocks due to the recent fall in international crude prices. The global prices are under correction due to extensions in lockdowns and slow economic recovery estimates, they added.
Oil prices dipped by more than 4 per cent early on Tuesday, weighed down by concerns about immediate demand and speculators liquidating long positions.
Crude prices were trading below the $60 a barrel mark, at $59.02, down by 4.13 percent on the day. Brent Crude was down by 4.18 percent at $61.92.
New or extended lockdowns in Europe, including in Italy, France, and Germany, prompted concerns about mobility and oil demand in the next few weeks, while the vaccination programs in many European countries are lagging behind the US and UK.
