Bulls lost ground to bears at Pakistan Stock Exchange (PSX) on Wednesday, as benchmark kse-100 lost about 100 points by the closing bell to clock at 46,768.14index level. OnWednesday, the indexwitnessed another choppy session, which opened in the green zone, and touched intraday high at 47,305.86 after gaining 437.91 points. However, the early bullish spell met a strong resistance level at 47,000 level, owing to which the index reversed earlier gains and lost 141 points to touch intra-day low at 46,726.85 level. The early rally was primarily backed by a continuous recovery in international oil prices, which had reached a 13- month high to a Pre-pandemic level of $60/ barrel. Consequently, the Exploration &Production sector also relatively remained in limelight today. Market sentiments were also buoyed by impressive corporate results announcement which also lifted cement and banking scrips. Investors were also elated after International Monetary Fund (IMF) and Pakistan on Tuesday reached a staff-level agreement that Pakistan had completed reforms required for the release of around $500 million in IMF funds that had been suspended for about a year.”The package strikes an appropriate balance between supporting the economy, ensuring debt sustainability and advancing structural reform,” the Fund said in a statement issued by both sides.”Pending approval of the Executive Board, the reviews’ completion would release around $500 million.” However, after reaching a high of 47,305.86 points, the index succumbed to selling pressure due to massive profit taking, primarily due to dismal financial announcement of HabibBank Limited, which solely deducted 130 points from the index. During the session the volume table was led byHum Network Limited, Telecard Limitedand Dost Steels Limited. The scrips, exchanged 78.2 million, 76.13 million and 53.7 million shares, respectively. The volume at Kse-100 slightly reduced from 224.79million shares recorded in the previous session, to 223.5million shares, however, the all-share volume surged from 514.21millionshares recorded in the previous session to 701.76 million shares. According to the National Clearing Company of Pakistan Limitedforeign investors remained net sellers of worth $0.71 million worth of equities. Among local investors, the selling table was led byBanks, Insurance Companies and Brokers, as they offloaded $4.07 million and $2.84 million and $1.13 million worth of equities. Sectors that dented the index were Commercial Banks with 145 points, Oil & Gas Exploration Companies with 28 points, Tobacco with 21 points, Power Generation & Distribution with 20 points and Engineering with 9 points. Among the scrips, the most points taken off the index was by HabibBank Limited which stripped the index of 131 points followed by Oil &Gas Development Company Limited with 23 points, Pakistan Tobacco Company Limitedwith 19 points, DGKhan Cement with 18 points and Hub Power Company Limited with 16 points. However, sectors that continued to weigh up the index were Automobile Assembler with 28 points, Cement with 26 points, Fertilizer with 24 points, Technology & Communication with 14 points and Chemical with 11 points. Among the scrips, the most points added to the index was by Lucky Cement which contributed 56 points followed by Millat Tractors Limited i with 29 points, Pakistan State Oil with 24 points, TRG Pakistan Limited with 19 points and Fauji Fertilizer Company Limitedwith 17 points.