Bears took over at the Pakistan Stock Exchange as the index posted another close in the red. The KSE100 index went down by 370 points to settle at 47,778.

The index opened in the green however selling pressure caused it to recede during early trading. Pressure continued to keep it negative and the index was at the lowest of the day near close.

The index is expected remain rangebound in the absence of triggers. All eyes are set on announcement of the fiscal budget on 11 June 2021. Investors are expecting support for key sectors such as textile, cement, and technology. Institutions continue to remain on the sidelines due to uncertainty.

Global equities continue to hover near record highs. U.S. bond yields are near their lowest levels in month and the Federal Reserve is likely to continue its economic stimulus program. International oil prices have continued their rise for a second day in a row due to expectations of a strong recovery in demand after the pandemic recedes.

At the closing bell 123 companies had advanced with 254 closing in the red. 14 scrips remained unchanged.

Market participation for the KSE100 Index increased to 297M from 265M in the previous session (12% on d/d basis). Major contribution to total market volume came from WTL, HUMNL and KEL combined for 852M shares out of the total market vol