PSX Closing Bell: Red Wave Crushes Bulls

Share prices fell again on Wednesday, pushing the benchmark KSE-100 down to 176,846.36, a loss of 1,109.14 points or 0.62%, according to Mettis Link News. Heavy selling hit bank, investment firm, refinery, fertilizer and cement counters, and 67 of the 100 index companies ended lower.

Sentiment stayed weak as oil prices rose to a three-week high, with uncertainty over shipments through the Strait of Hormuz and disruptions in global supplies adding to worries about energy costs. The index moved within a 2,304.21 point range, peaking at 178,942.31 and bottoming at 176,638.10 during the session.

CNERGY, ATRL and AICL led the losers, while ISL, BNWM and PTC posted the strongest gains among the top movers. Market-wide, the All-Share Index slipped 487.35 points to 107,272.73, and traded value fell to Rs39.57 billion, a decline of Rs11.17bn.