KARACHI - The shares index fell below the psychological level of 40,000 points (this level was last observed on 23rd Sep’16) on Friday as bloodshed continued at the Pakistan Stock Exchange (PSX) on aggressive selling. The benchmark index went down by 391 points and closed at 39,847 points on continued investors’ skepticism regarding the political scenario in the country, dealers said.

Continuous foreign buying during the current week could not improve sentiments. Selling pressure caused decline in the cement sector as well where heavyweights such as LUCK (down 3.4%), MLCF (4.8%), CHCC (4.3%) and PIOC (2.0%) closed in the red trajectory, cumulatively took away 72 points to the 100-index. In the banking sector, mixed sentiments were witnessed as NBP (up 3.9%) and BAFL (1.5%) closed in green, whereas UBL (down 0.4%) and MCB (0.5%) dropped in value.

E&P sector however gained to close in the green zone, as crude oil prices rose on US crude production and inventory decline data that pointed towards a tightening market, observed dealer at JS Global.

Average daily volumes improved by 12% DoD to 154m shares and average daily value traded settled at USD67m, increased by 15% DoD.

KEL (down 2.2%) from the power sector led the volume charts with 13m shares exchanging hands.

Market participants said the political scenario is expected to continue to affect the stock market.