Pakistan stocks fall 819 points on rupee devaluation

Pakistan stocks fall 819 points on rupee devaluation

KARACHI: Pakistan stocks fell by 819 points on Monday owing to sharp decline in rupee value against the dollar.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 42,667 points from last Friday’s closing of 43,486 points, showing a decline of 819 points.

READ MORE: Weekly Review: Pakistan stocks witness 3% decline

Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today, selling spree continued across the board which pulled the market in the deep red zone as prevailing political uncertainty and Pak rupee depreciation against USD stripped investors’ confidence which translated into panic selling.

READ MORE: Dollar makes fresh high at Rs194.18 at interbank closing

The Pakistan Rupee (PKR) lost Rs1.65 to end at Rs194.18, the historic low against the dollar, from previous close Rs192.53 in interbank foreign exchange market.

Main board activity remained dull whereas, hefty volumes were observed in the 3rd tier stocks.

READ MORE: Stocks gain 588 points on record remittances

The Index closed at 42,667.32 points, down by 819.14 points (-1.88 per cent DoD). Sectors contributing to the performance include Banks (-171.9 points), Cements (-125.1 points), E&P’s (-110.1 points) and Technology (-108.1 points).

Volumes increased from 208.1 million shares to 250.4 million shares (+20.3 per cent DoD). Average traded value also increased by 27.8 per cent to reach US$ 45.9 million as against US$ 35.9 million.

Stocks that contributed significantly to the volumes are LOTCHEM, PRL, CNERGY, TELE and WTL.

READ MORE: Stocks make slight gain amid rupee devaluation

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