Tuesday swung between hope and nerves for investors at the Pakistan Stock Exchange, but selling won out in the end. According to The Express Tribune, the benchmark KSE-100 index moved in and out of positive territory all day before closing down 814.44 points, or 0.49%, at 165,151.64. It had closed at 165,966.08 the previous day.
The index touched an intraday high of 166,425.56 and a low of 165,111.14, finishing close to the day's low.
Morning buying, afternoon selling
The session opened positively, with buying in automobile assemblers, cement, commercial banks, oil and gas exploration companies and oil marketing companies. The index was still slightly up at midday, but selling pressure then intensified.
The decline was broad-based, led by commercial banks, technology, refineries and power. Attock Refinery, Systems, Habib Bank, Hub Power and Fauji Fertiliser were the biggest drags on the index.
Oil prices and regional tension
Brent crude hovered near a five-month high of around $109 a barrel. The paper said traders priced in a geopolitical risk premium after Houthi attacks on Saudi infrastructure and reports of attacks on vessels in the Gulf, which weighed on investor sentiment.
KTrade Securities said it expected the market to stay range-bound, with near-term direction depending on global oil prices, geopolitical developments and corporate earnings.
Overall volume rose to 446.8 million shares from 370.9 million a day earlier. Of 499 companies traded, 128 advanced, 324 declined and 47 were unchanged. Cnergyico PK led volumes with 46.6 million shares, falling Rs0.47 to close at Rs12.41.