KARACHI: The Pakistan Stock Exchange Thursday opened keeping bearish trend and shed 140.35 points to drop to 40386.46 points level in early trading.
On Wednesday, the stock market witnessed another bearish session as range-bound activity was observed at PSX during the day, however, index declined by 237.95 points towards the end of the session to close at 40,526.81 points, amid rising political uncertainty.
Volumes during the day decreased by 5.4 percent to 347 million shares while value increased by 13% to Rs13b/$124m. K-Electric (KEL) and Bank Of Punjab (BOP) with 60m and 41m shares traded shares respectively emerged as volumes leaders.
Crude oil price plunged below $50/bbl, as investors became skeptical regarding OPEC members to reach an agreement over production cuts. Consequently, Oil and Gas Development Company (OGDC), Pakistan Oilfields (POL) and Pakistan Petroleum (PPL) declined by 1-2%. Out of total 430 active companies that participated in the session, 262 closed in red, 151 in green while 17 remained unchanged.
