Bears continue to dominate at the Pakistan Stock Exchange on the first day of the week. The KSE100 index lost 601 points to settle at 47,002.

Sellers overpowered buyers right from the get-go with the index opening in the negative. The index continued to recede as trading progressed and the lowest point of the day was witnessed right before close. Volumes continued to remain on the lower side hinting that many investors continue to wait on the sidelines.

Pakistan’s current account deficit hit a 17-month high which further hurt sentiments at the exchange. As broader economic indicators continue to deteriorate, we can expect further losses at the exchange. Investors are looking for positive triggers to reenter active trading.

Asian equity markets also saw a downturn in the wake of an uptick in coronavirus cases in the region. Australian shares slipped in view of a new lockdown in its economic hub Sydney. Oil prices continue to hover at 2-1/2 year highs.

At the closing bell 77 companies had advanced with 282 closing in the red. 25 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 223m from 262m (-15% on d/d basis). Major contribution to total market volume came from WTL, BYCO and JSCLR1 combined for 202m shares out of the total market volume of 655m shares.