Karachi: Pakistan Stock Exchange (PSX) witnessed another bearish session as its benchmark KSE-100 Index closed 357 points lower, extending downturn for fourth consecutive day. KSE-100 started session positive, hitting an intra-day high of 74,593.33.

However, profit-taking soon kicked in and pushed index into negative territory. At close, benchmark index settled at 73,862.93, down by 356.51 points or 0.48 percent. Key contributors to decline included FFC, OGDC, MARI, MCB and PSO, which collectively subtracted 136 points from index. On flip side, BAFL, SYS, LUCK, ENGRO and MTL together added 65 points to index, it added. Volume on all-share index increased to 352.74 million from 348.55 million session ago. Value of shares declined to Rs 12.31 billion from Rs 16.39 billion in previous session. WorldCall Telecom was volume leader with 17.60 million shares, followed by Kohinoor Spining with 14.85 million shares and Dewan Motors with 13.69 million shares.

Shares of 450 companies were traded on Thursday, of which 134 registered an increase, 249 recorded fall while 67 remained unchanged. Asian shares gained on Thursday on rising expectations US Federal Reserve will likely cut interest rates in September, while euro advanced ahead of European Central Bank policy meeting where rate cut is widely expected. “Selling pressure observed can be attributed to concerns that government may raise taxes on dividends, capital gains, and interest income in upcoming budget,” brokerage house Topline Securities said in its post-market report.