KARACHI: Pakistan’s stocks plunged by 1,284 points on Monday owing to sharp increase in world oil prices and political unrest locally.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,267 points as against last Friday’s closing of 44,551 points, showing a decrease of 1,284.38 points.
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Analysts at Arif Habib Limited said that bloodbath session was observed today due to political unrest and overheated commodities cycle.
Market opened in the red zone and stayed under pressure throughout the day. Across the board selling was witnessed by the institutional investors.
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In the last trading hour, value buying was observed mainly in the E&P sector.
Sectors contributing to the performance include Cement (-235.2 points), Banks (-222.1 points), Technology (-159.2 points), Fertilizer (-97.8 points) and Power (-91.3 points).
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Volumes increased from 134.8 million shares to 236.9 million shares (+75.7 per cent DoD). Traded value also increased by 73.4 per cent to reach US$ 46.1 million as against US$ 26.6 million.
Stocks that contributed significantly to the volumes include HUMNL, WTL, FLYNGR1, TRG and TELE.
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