KARACHI - Pakistan Stock Exchange continued to witness bearish spell on fourth consecutive session on Friday as PSX benchmark 100-share index fell by another 270.67 points (down 0.87%) to close at 31011.77 points. The index has lost 914 points in four sessions.

Index heavy weight stocks continued to witness selling pressure, which led the local bourse to remain in negative territory, brokers said.

Traded volume decreased 16% to 109m shares as compared to 130m shares of the previous day and traded value decreased 12% to Rs5.8b from 6.6b. NBP announced better than expected result, which led the stock to close at its upper limit.

27% YoY bottom line growth in ABOT was announced with dividend of Rs 20/share which attracted investors to take fresh positions, which resulted in the script to gain 1.53%, analyst said.

Stock closed bearish amid concerns for foreign outflows and ongoing regulatory oversight at PSX, stated analyst Ahsan Mehanti at Arif Habib Corp.

Institutional support was witnessed in banking and fertilizers scrips on strong earnings. Falling global equities and crude prices played a catalyst role in bearish close at PSX, market analysts said.