Bears dominate PSX as benchmark index sheds over 800 points.

The Pakistan Stock Exchange (PSX) on Monday declined sharply, with the benchmark KSE-100 Index shedding 824 points to close at 40,008, down 2 per cent.

The market opened at 40,833 points, which remained the day's high, and went down to 39,931 points before making a slight recovery before the closing bell.

As many as 104.3 million shares of benchmark companies worth Rs5.7 billion changed hands during the session. Out of the total 332 symbols traded, 275 declined, 44 advanced and 13 remained unchanged.

According to a Topline Securities report, the benchmark index barely managed to maintain the 40,000-points level as the rollover week had started.

"Negative sentiments were witnessed across the board," the report said, adding that top losers of the day were HBL (down 93 points), followed by PPL (down 91 points), HUBC (down 54 points) and DAWH (down 51 points).

"WTL was the volume leader as it recorded volume of 14m shares, followed by HASCOLR1 and UNITY which cumulatively added 25m shares to the total volume," it added.

Analysts say the bearish trend continued with full force on the back of multiple factors...