Bearish spell continues at PSX

The bearish spell at the Pakistan Stock Exchange (PSX) continued on Friday with the benchmark KSE-100 index losing 246 points to close at 41,624 points.

The index opened higher to peak at 41,974 points before selling pressure forced it down to a day's low at 41,458 points.

Volumes picked up slightly from yesterday with 82.8 million shares worth Rs4.33 billion traded at the exchange. Of the 298 traded scrips, 76 advanced, 205 declined and 17 remained unchanged.

Despite dull activity, market appeared to consolidate as prices have fallen down to attractive levels," JS Research noted.

The cement sector dominated trading with 11.8m shares traded while commercial banks followed with 10.0m shares traded.

Volumes were led by:
1.K-Electric Limited: 5.9m shares traded [-1.80pc];

2.Sui Southern Gas Co Ltd: 5.6m shares traded [+2.28pc];

3.Pakistan Elektron Ltd: 5.2m shares traded [-3.76pc];

4.Engro Polymer and Chemicals Ltd: 5.0m shares traded [+0.20pc];

5.Dewan Cement Limited: 4.8m shares traded [-0.29pc].