KARACHI - Bear-run continued at the Pakistan Stock Exchange on Wednesday, with the benchmark 100-share index losing 82.93 points (0.23%) to close at 36,499.43 points.

Volatility prevailed in the market, brokers said. Uncertainty over the federal budget and rumors over likely new taxes on the corporate sector played a catalyst role in bearish close, ignoring bull-run in global equities, stated analyst Ahsan Mehanti.

PSMC (up 3.15%) and HCAR (0.83%) in the automobile sector continued their upward trajectory on the back of depreciating Yen. OGDC (up 0.90%), POL (0.73%) and PPL (0.26%) in the E&P sector gained to close in the green zone, as crude oil prices recovered to trade above $49/bbl level, dealers said.

Banking sector continued to remain under pressure on the back of 25 basis point cut in the discount rate in the latest MPS announced by SBP on Saturday. MCB (down 1.71%) was one of the major laggards of aforementioned sector.

Investor interest was seen in DSL (up 2.88%) as the company, in its notice disseminated to the market, announced approval of Board of Directors for issuance of right shares and zero coupon convertible Term Finance Certificate to establish rebar and re-rolling plant in the north region, observed analyst Arhum Ghous.

Volumes decreased by 9.7% to 298m shares while value also decreased by 21% to Rs9b/$86.5m. Heavy weight stocks like ENGRO, MCB, UBL declined by 2%, 1.6% and 0.4% respectively.

International oil prices rose to current year’s highest level. POL, PPL and OGDC gained between 0.3%-1%, brokers said. Institutional support remained in oil stocks after global crude prices rose over $49/barrel. KEL continue to be the volume leader this week with 50mn shares traded today. Stock declined by 1.8%.