LAHORE - The KSE-100 index continued to slide, as was the case on Friday. The bears dragged down the market by 758 points to 40,464 level (down 1.84percent) as pre-election jitters engulfed the market.

Most of the sectors performed poorly due to lack of any positive triggers. The market participants seem to be waiting for the election results before taking any new positions, in our view. This is reflected in dull market participation as indicated by 51percent drop in volumes to 109million shares and 42percent drop in value traded to $ 39.7 million.

Commercial Banks lost steam as the sector removed 218 points from the index. Simultaneously, Oil and Gas Exploration Companies pulled the index down by 154 points.

Experts said that negativity in the market was due to noise on the political front, with upcoming General Elections two days later, declining foreign reserves and lower oil prices. Volumes were dullish, with only 109 million shares traded throughout the day, as compared to 223 million on the last trading day. KEL (-2.57percent) from the power sector led the volume chart with more than 7 million shares exchanging hands. Cement sector remained under the hammer as the sector cumulatively contributed -84 points to the index, where DGKC (-3.62percent), CHCC (-3.35percent), MLCF (-3.17percent) and LUCK (-2.97percent) were the major losers. Banking space closed lower than its previous day close where big banks such as MCB (-2.59percent), UBL (-1.65percent), HBL (-2.14percent and BAFL (-2.91percent) closed in the red trajectory.