The Pakistan Stock Exchange took a negative turn on the last trading day of the week. The KSE100 index lost 360 points to settle at 47,603.

Early morning trading was in the positive however the second half saw a flurry of sellers. The index tested its low for the day just before close hinting that further pressure may be witnessed in the coming week. Volumes continued to remain week as most investors took a wait and watch approach.

Broader economic indicators are not providing investors with the indication for further increases from current levels. External debt repayments continue to mount with Pakistan looking to avail several new loans in the form of bonds and financing from foreign organization.

U.S. equity indexes closed at record highs in view of a bipartisan Senate infrastructure deal. The U.S. economy was able to shed coronavirus worries and grew at 6.4% in the first quarter of the current fiscal year. Oil prices continued to remain steady at 3-year highs as economic activity in the European Union picked up.

At the closing bell 139 companies had advanced with 224 closing in the red. 18 scrips remained unchanged.

Market participation for the KSE100 Index decreased to 262m from 150m (+75% on d/d basis). Major contribution to total market volume came from WTL, BYCO and SILK combined for 241m shares out of the total market volume of 761m shares.