KARACHI - Pakistan Stocks Exchange (PSX) closed in red on second consecutive day on the back of forthcoming panama case result coming week. The shares index traded between an intraday high of 5 points and intraday low of 190 points, finally closing at 48,523 level, down 157 point, or (0.32%).

Downside contribution of 99 points came from LUCK (slip 1%), SEARL (2.6%), PPL (1.4%), HBL (0.5%) & OGDC (0.9%), market participants said. PPL (decline 1.36%), POL (1.33%) and OGDC (0.85%) in the E&P sector remained in the red as oil prices struggled near low levels on rising US shale production.

Moreover, mixed insight in the cement sector was witnessed where DGKC (-0.38%) and MLCF (-0.32%) plunged and closed negative on the back of the KP government awarding 14 licenses to the country's various industrial groups to set up cement factories in the province. Banking sector (slip 0.6%) closed in the red as the sector's heavy weights, MCB (-0.15%) and HBL (-0.52%) closed in the red again, said analyst at JS Global.

Ahsan Mehanti at Arif Habib said bearish trend continued on concerns for foreign outflows, uncertainty in global equities and lower global crude prices. Investors awaited outcome of IMF talks focusing on privatisation and energy sector reforms amid surging circular debt. Consolidation in the post earning season played a catalyst role in bearish close.

Volumes declined 8 percent d/d to 218 million shares, while traded value shed 2 percent to Rs10.2 billion/$97.2 million. Brokers expect that market to remain volatile due to the rollover week.