KSE – 100 today broke the psychological level of 40000 points, as substantial declines in oil stocks put the index in hot waters. Index closed in at 39634.13 points after losing 398.04 points during intraday trading. The chunk of losses were a result of a slight decline in international prices amid rising uncertainty as Russia sent mixed signals on cuts extension decision to be held on 30th November.

Pakistan Stock Exchange benchmark KSE – 100 Index suffered yet again amid the ongoing political pressures and weak economic front. The index started the session on a positive note but failed to sustain positive momentum and fell below 40,000 level at day end.

Sector wise losses were a result of decline in Oil & Gas Exploration scrips especially PPL -2.49% and OGDC -1.91% after prices of oil slipped in the international markets. The said sector took away more than 118.64 points away from the index. In addition to that, Cement sector was right behind O&G Exploration scrips taking away -55.30 points from index with CHCC -3.12% and BWCL -3.74% resulting as major laggards.

Moreover, the country suffers from a lack of Financial Decision Maker as the Finance Portfolio is currently being held by Mr. Shahid Khaqan Abbasi who sent Finance Minister on an indefinite leave of absence. Therefore, the Ministry is in tatters as it lacks an immediate decision maker.

Adding to worries is the pessimistic mood of Foreign Buyers who have been continuous selling side and market makers look for any positive triggers.

Sector-wise all share index turnover was led by Power Generation & Distribution (43.52 million), Technology & Communications (19.47 million), and Textile Composite (5.30 million) with Cable & Electrical Goods (3.68 million) and Cement (2.41 million) stocks trailing at the bottom.

KSE-100 Index at the day end moved a total of -398.04 points down by 0.99%, closing in at 39634.13 points.

Index Volume was at 68.93 million shares, value of shares traded reached PKR 4.476 billion with index high-low range of 40125.75 – 39564.2.

The index movement was limited within the 561.48 points range.

20 companies closed up, whereas 70 were down at the day end.