Stocks stayed under selling pressure Thursday with select oil issues showing recovery on the back of rebounding international crudes. Opening in the green, the KSE-100 index ended the day almost flat at 30,752, shedding 14 points from Wednesday''s 30,766. Topline analysts said the index closed flat.
"Selling pressure continued at PSX on fears over foreign outflow, bearish global stocks and WTI crude prices," Ahsan Mehanti of Arif Habib Corp said. Foreign investors made a net selling of $4.48 million. The US benchmark oil traded at 13-year low of $28.7 a barrel on oversupply in global market.
Mehanti said recovery in global crude prices helped select oil stocks at PSX recover. Resultantly, Pakistan Oilfields and Pakistan Petroleum rose 4.9 and 2.3 percent, respectively. Trading turnover increased to 135.8 million shares worth Rs 7.68 billion. Of the 330 issues traded, 162 posted gains, 142 declined while 26 remained unchanged. The market cap inched down to Rs 6.54 trillion from the previous Rs 6.55 billion.
TRG Pakistan led volumes with 14.2 million shares trading. The scrip, however, declined to Rs 25.49 at close. Other best performers were K-Electric, Maple Leaf Cement, JSCL, OGDC, Byco Petroleum, Pak Elektron, SNGPL, D.G Khan Cement and Telecard Limited. Trade in futures contracts also moved northward and accumulated to 18.77 million. "Renewed concerns over falling exports and weak earning announcements played a catalytic role in the bearish close," he added.