KSE-100 index plunges by 1,090 points on rising COVID cases

KSE-100 index plunges by 1,090 points on rising COVID cases

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) on Monday plunged by 1,090 points owing to alarming rise in coronavirus cases in third wave.

The index closed at 44,432 points from last Friday’s closing of 45,522 points, showing a decline of 1,090 points.

Analysts at Topline Securities said that rising COVID cases and a higher Weekly SPI resulted in low market depth as investors adopted a cautious approach while a rumor of Mutual Fund redemptions added to the selling pressure at the bourse.

The major decliners were namely TRG, LUCK, MCB, HUBC & HBL who cumulatively dragged the benchmark index lower by around 319 points.

On the volume front, daily traded volume and value clocked in at 522.5 million shares (down 1.24 percent DoD) and Rs23.47 billion (down 6.87 percent DoD) respectively.

The volume leader for today was BYCO with 80.25 million shares traded during the session.

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