Pakistan stocks fall 364 points on dollar flight

Pakistan stocks fall 364 points on dollar flight

KARACHI: Pakistan stocks fell 364 points on Monday owing to continuous dollar high flight against Pakistan Rupee (PKR).

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,777 points from last Friday’s closing of 42,141 points, showing a decline of 364 points.

READ MORE: Weekly Review: falling rupee remains concern for stock market

Analysts at Arif Habib Limited said that the market observed a negative session today as US Dollar continued its flight against PKR.

The exchange rate recorded a fall of Rs1.21 in rupee value to end at fresh record low at Rs209.96 to the dollar from last Friday’s closing of Rs208.75, in the interbank foreign exchange market.

READ MORE: Dollar hits historic high against rupee, ends near Rs210

Investor’s participation lingered in the lackluster zone over concerns of resumption of IMF program. Volumes remained dry in the main board whereas hefty volumes were witnessed in the 3rd tier stocks.

Sectors contributing to the performance include Cement (-70.7 points), Technology (-62.7 points), Power (-50.7 points), Banks (-37.1 points) and E&P’s (-32.9 points).

READ MORE: Pakistan stocks gain 411 points in bull-run

Volumes decreased from 282.9 million shares to 162.1 million shares (-42.7 per cent DoD). Average traded value also decreased by 45.8 per cent to reach US$ 23.4 million as against US$ 43.1 million.

Stocks that contributed significantly to the volumes are TPLP, WTL, PRL, CNERGY and UNITY.

READ MORE: Pakistan stocks up 291 points on fiscal consolidation

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