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Selling pressure continued to dominate the Pakistani stock exchange. The KSE100 index lost 25 points to settle at 47,987.
The exchange remained rangebound during trading on the second day of the week. Volumes continued to fall, indicating that investors are waiting on the sidelines for positive triggers.
Raising the levy on petroleum products continues to affect the heavy oil and exploration sector index. Investors continue to wait for positive triggers to steer the index in the coming days. Broader economic indicators are mediocre because so is the trade deficit
Global oil markets continue to develop a bullish structure in anticipation of a recovery in demand. As global economies open up, oil has posted an above-average recovery in demand. A price increase will strongly affect the OPEC economies.
At the closing bell, 150 companies had moved up, 220 closed in the red. 22 scripts remained unchanged.
Market share for the KSE100 Index decreased from 227 million to 209 million (-8% on a d/d basis). A significant contribution to the total market volume came from SILK, WTL and KEL together for 161 million shares of the total market volume of 611 million shares.
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