Karachi - Bears dominated the stock market on Thursday and benchmark KSE-100 Index declined by 96.40 points or 0.3pc to close at 33,742.88 points level.

POL rose 1.4 continued its euphoric growth following its recent discovery of hydrocarbon reserves and recovery in global oil prices. Netsol reached its upper circuit on rumours of the company is likely to get hefty contracts from Chinese based firms following its transmission to next generation system.

Due to the recent surge in the global oil prices, cement sector remained under pressure while Oil & Gas sector continued its recent rally. Market’s expectation of a discount rate cut resulted in a continued pressure in the banking sector with MCB, NBP, UBL, BAHL and FABL all ending 1.1pc, 0.9pc, 0.9pc, 1.3pc and 0.9pc lower, observed analyst Muhammad Mobeen at JS Global. Traded volume declined to 160m shares compared to 214.6m shares changed hand in previous session while value also declined to Rs8.5b.

Of total 359 traded companies in the session, 121 closed in green, 218 in red while 20 remained unchanged.  Byco Petroleum was volume leader in the market with 24m shares and price per share Rs13.16, followed by K-Electric with 9.1m shares and price per share Rs7.66 and TRG Pak with 9m shares and price per share Rs19.16 were in limelight in market.