KARACHI - Pakistan Stock Exchange (PSX) continued its downward trajectory on Thursday due to panic selling, shedding another 431 points and closing at 40958.65 points.

Last time, when the index closed below 41,000 points mark was 215 sessions/10 months ago in October 2016, brokers said.

The market remained range-bound during initial hours of the trading session, however bears came to dominate during the second half, stated analyst at JS Global.

HBL (down 4.6%), SNGP (4.7%), FFC (2.4%), BAHL (2.6%) & NBP (3.4%) withheld 221 points, while ENGRO (up 2.5%), UBL (1.1%), PPL (0.5%), TRG (3.6%) & MCB (up 0.4%) added 93 points.

On the sector front, banks dented out 152 points from the index out of which 108 points were from HBL. OMCs shed 86 points as the Sui’s closed near their lower limits on concerns that upward revision in wellhead gas prices may inflate the quantum of line losses.

Banking and cement sector led the decline as the top laggards for the day included HBL (down 4.62%), LUCK (0.90%), BAHL (2.61%) and NBP (3.39%). Oil and gas marketing co sector also closed negative as compared to last trading session and PSO (down 0.86%), SHEL (1.51%) and SNGP (4.73%) from the aforementioned sector lost values. However, the bear market did not impact UBL (up 1.08%) and MCB (up 0.39%) as they gained to close in the green zone. E&P stocks also gained where POL (up 0.34%), PPL (0.88%) and OGDC (0.10%) closed positive as OGRA revised wellhead gas prices up to 11% for 47 fields, observed analyst Adnan Sami Sheikh.

Volumes remained steady at 147 million shares, whereas traded value also remained same Rs8.5b/$81m.

TRG from the tech sector again led the market volume with 16 million shares being traded in yesterday’s trading session.