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The Pakistan Stocks Exchange (PSX) on Friday witnessed bearish trend and the benchmark KSE-100 Index fell below the 40,000 level as uncertainty over revival of the International Monetary Fund (IMF) programme and continuous political volatility played on investors’ minds.
At close, the benchmark index settled at 39,942.05, witnessing a decrease of 434.05 points or 1.08%. On a weekly basis, the KSE-100 was down 3.36%.
Across-the-board selling pressure was witnessed throughout the day as index-heavy sectors including automobile, cement, chemical, banking, oil, fertiliser and pharmaceutical sectors ended in losses.
Sectors dragging the benchmark KSE 100 index lower included, oil and gas exploration (61.68 points), technology and communication (61.41 points) and miscellaneous (47.92 points).
Volume on the all-share index plunged to 46.7 million from 148.5 million on Wednesday. The value of shares traded fell to Rs1.3 billion from Rs3.9 billion recorded in the previous session.
WorldCall Telecom was the volume leader with 4 million shares followed by Telecard Limited with 3.9 million shares and TPL Properties with 1.8 million shares.
Shares of 290 companies were traded on Friday, of which 77 registered an increase, 194 recorded a fall and 19 remained unchanged.