Lackluster trading at the Pakistan Stock Exchange was witnessed on Thursday. The KSE100 index gained 52 points to reach 47,962.

The index opened in the positive and remained in the green for the entire session. Selling pressure was witnessed at those levels so future direction is expected to remain sideways in the absence of triggers. Volumes continued remain on the low side indicating that investors are choosing to wait and watch.

Fear of an oil shortage looms as oil tankers have gone on a strike. Oil related shortages negatively impact several industries as logistics and travel are disrupted. The Pakistan Rupee also lost some ground against the U.S. Dollar with the latter reaching a 4-month high.

Global equity markets continue to look towards economic data to fully gauge the speed of recovery from the pandemic. U.S. jobless claims have shown a marked decline hinting at improvement in the economy. Crude oil rates have jumped to two-year highs due to tightening U.S. supply.

At the closing bell 189 companies had advanced with 176 closing in the red. 27 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 150m from 237m (-37% on d/d basis). Major contribution to total market volume came from WTL, PACE and SILK combined for 167m shares out of the total market volume of 639m shares.