Bears took over at the Pakistan Stock Exchange with the index recording another negative close. The KSE100 index went down by 323 points to settle at 48,158.

The exchange opened with sellers overpowering buyers and the index receded further into the red by the closing bell. All share volumes saw a rise which indicates that investors are actively participating.

In the absence of any positive triggers the index to continued its decline. Announcement by the IMF that the Sixth Review under the Extended Fund Facility (EFF) would now be completed in September of this year instead of July also hampered sentiments.

The U.S. bourse also saw a decline as the FED announced that they would begin tapering off the stimulus program earlier then previously announced. FED reserve officials made indications that a rise in interest rates could begin by 2023 rather than 2024. Crude oil prices saw a decline however the market stabilized as U.S. inventories continue to drop.

At the closing bell 113 companies had advanced with 260 closing in the red. 15 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 290m from 409m (-29% on d/d basis). Major contribution to total market volume came from WTL, SILK and KEL combined for 489m shares out of the total market volume of 1,117m shares.