KARACHI - Bearish trend continued in stock market on Wednesday with PSX bench mark shares index conceded another 266 points (down 0.69%) to close at 38,149.26 points.

Index opened on a positive note and made an intraday high of 205 points but came under selling pressure during the late hours of the trade, as the index fell to close at38,149 level, dealers said.

Arhum Ghous at JS Global said selling during the late hours can be attributed to investors squaring their positions in June future contracts, as it is a future rollover week. Stocks proposed to be part of MSCI Emerging Market Index continued their downward trajectory, as HBL (down 0.95%), MCB (slump 2.25%) and LUCK (slipped 1.03%) lost value to close in the red zone. Pressure was seen in the E&P sector ahead of US weekly stockpile data due to be released today. OGDC (down 1.01%) was the major laggard of the aforementioned sector, brokers said.

Volumes fell 20% to 124.2mn shares while traded value declined 8% to Rs7.6bn/US$72.6mn.  K-Electric (KEL), Dewan Cement (DCL) and Dewan Farooque Motors (DFML) were volume leaders with combined traded volume of 36.4mn shares in today’s trading.

DCL and DFML continued to fall as investors reacted to market news of its failure to reach a restructuring deal. The scrips fell 3.8% and 3.5% today.

Interest was observed in Fauji Cement Company (FCCL) and D.G. Khan Cement (DGKC), which increased by 1.0% and 0.5%, respectively, said dealers at sales desk Topline Securities.