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An inexplicable selling spree in the last hour forced the KSE 100 index to close below this level, says brokerage firm.

Investors in India rode the sleigh of a dovish U.S. Federal Reserve, which hinted at three rate cuts in 2024, leading to a global surge in equities. On December 15, the Indian market joined the global rally, marking another session of bullish momentum.

We mentioned yesterday that the indices may bounce back a bit. After remaining weak for the first half of the session, the main indices bounced bank and closed in the green. On Wednesday, 2179 stocks advanced, 1597 declined and 114 remained unchanged, with an advance decline ratio of 1.36 on the Bombay Stock Exchange (BSE), indicating positive closing of stocks in broader markets.

PSX benchmark has been the best-performing index since end of August, says Bloomberg.

Dismal data showing petroleum sales fell 27pc in 2022-23 also play the role of a catalyst in the bearish close.