The Pakistan Stock Exchange on Friday was dominated by bears that dragged its benchmark KSE-100 index down by nearly 1,000 points. According to the PSX website, the KSE-100 index fell by 988.47 points to close at 61,705.09, down 1.58 per cent from the previous close of 62,693.56. Saad Bin Naseer, director of Mettis Global, attributed today’s losses to “mutual fund redemptions” and corporate realising of profits. “On the other hand, the activity of foreign inflows slowed down due to the holidays,” he said, noting that the downward spiral was specially visible after the Supreme Court’s decision to grant bail to former prime minister Imran Khan. On a positive note, Naseer added that the market would perform once again when the corrective stage was over.
