Bearish trend weighs heavy on Pakistan Stock Exchange

Bears continued to dominate the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark KSE-100 index lost 398 points, or 1 per cent, to fall below the 40,000 mark at 39,634.
The market opened higher and hit a day’s high of 40,126 points within the first few minutes, but failed to maintain the momentum. The benchmark then spiraled downwards to hit a day’s low of 39,564 near the close of the day.
In all, over 113 million shares worth Rs5.4 billion changed hands during the session. Of the 352 scrips traded, 98 advanced, 233 declined and 21 remained unchanged.
The power generation and distribution sector dominated the session with 29.2 million shares traded. Technology and communication sectors followed with 13.7 and 7.4 million shares traded respectively.