LAHORE - Pakistan Stock Exchange continued its steep decline on Friday, with the benchmark 100-share index losing another 721.23 points to close at 41637.38 points.

This pressure in the market was on the back of likely redemptions in mutual funds. Major correction appeared in the market due to continuous foreign net outflows over the past week. Volume traded stood at 179m shares as compared to 242m shares in the previous trading session.

Top volume stocks were KEL (-3.27 percent), BOP (-2.74 percent) and LOTCHEM (-1.78 percent). Major contributors to the KSE 100-index were HBL (-2.34 percent), PPL (-2.55 percent), HUBC (-3.46 percent), OGDC (-1.95 percent) and POL (-2.19 percent), cumulatively contributing -235 points to the index.

Cement sector remained under the hammer as heavyweights lost value to close in the red zone. MLCF (-4.87 percent), DGKC (-2.55 percent), LUCK (-2.34 percent) and FCCL (-2.82 percent) were the major loser of the mentioned sector. E&P sector lost value to close lower than its previous day’s close as selling pressure was witnessed, however crude oil prices took a rebound in the international market. POL (-2.19 percent), OGDC (-1.95 percent) and PPL (-2.55 percent) lost value to close in the red trajectory.

Moving forward, it is expected that market will remain volatile and choppy with flows from local and foreign institutions directing the market.