PSX: KSE-100 Index closes marginally lower after volatile trading

According to Business Recorder, the benchmark KSE-100 closed 254.59 points lower at 176,591.77 on Thursday, a 0.14 per cent fall. Buyers were active early in the session and lifted the index to 178,291.37, but later selling dragged it down to 176,156.57 at its weakest. Topline Securities called the reversal a sign of continued caution after a recent correction, citing geopolitical uncertainty and high oil prices that kept sentiment subdued.

UBL, HUBC, BAHL, HBL and FATIMA were the main drags, together shaving about 458 points off the index. On the upside, OGDC, ENGROH and SAZEW contributed roughly 321 points between them. Cnergyico PK led volume with 221.43 million shares, and of the 492 companies traded, 144 advanced while 321 declined.

Traded volume on the all-share index slipped to 665.19 million shares from 787.89 million, while value dropped to Rs30.79 billion from Rs39.57 billion. The decline followed a steeper fall on Wednesday, when the index lost 1,109.15 points as energy stocks sold off on reports of talks over possible diesel price cuts between the petroleum ministry and refineries.