Stocks remained bearish Wednesday. Equity analysts called it "pressure in a pre-budget rally" that kept equities in the red. The KSE-100 index shed 83 points or 0.23 percent to close at 36,499 compared to Tuesday''s 36,582 points. The volatile benchmark index moved both ways to hit the intraday high and low of 36,767 and 36,483.
"Stocks closed lower amid pressure in the pre-budget rally at PSX," said analyst Ahsan Mehanti, a director at Arif Habib Corp.
Institutional support remained in oil stocks after global crude prices rose over $49 a barrel, he added.
"Uncertainty over the federal budget and rumours over likely new taxes on the corporate sector played a catalytic role in the bearish close ignoring bull-run in global equities," the analyst said.
Market observers at Topline Research saw profit-taking at the bourse for the second consecutive day in the absence of any trigger.
Traded volumes at ready-counter depleted 10 percent to 269 million shares the value of which depreciated by 21 percent to Rs 9.0 billion or $$86.4 million.
The number of scrips traded stood at 374 of which 168 ended higher, 181 lower and that of 25 stayed unchanged. With market capital accumulating to Rs 7.43 trillion, foreign portfolio investment ended in red marking net selling of $1.35 million.
K-Electric, closing lower at Rs 8.03, kept leading volumes with 50 million shares. Other best performers were Pace Pakistan, Power Cement, Japan Power, Lotte Chemical, PIBT, Dewan Cement, Byco Petroleum, TRG Pakistan and JSCL.
The day witnessed the index heavyweights such as MCB Bank, Engro Corporation and Lucky Cement decreasing 1-2 percent. These stocks contributed around 73 points to index decline.
On soaring international crude, Pakistan Oilfields, Pakistan Petroleum Limited and Oil and Gas Development Company gained between 0.3-1 percent.
Futures trade showed a decline to have settled at 70 million contracts.