Pakistan stocks plunge 1,448 points amid panic selling

Pakistan stocks plunge 1,448 points amid panic selling

KARACHI: Pakistan stocks plunged 1,448 points on Monday amid panic selling by investors due to weak exchange rate and unstable position of debt repayment.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,393 points from last closing of 44,841 points on May 06, 2022.

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Analysts at Arif Habib Limited said that the market witnessed bloodbath throughout the day, due to further devaluation of Pak Rupee (PKR) against US Dollar and uncertainty regarding debt repayments and depletion of foreign exchange reserve led the investors to remain sideline from the market as they await a positive trigger by IMF revival program.

The session remained dull as profit selling was observed across the board. On the contrary, hefty volumes were observed in the 3rd tier stocks.

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Analysts at Topline Securities said bears rules at the bourse today as benchmark KSE-100 Index settled at 43,393 level (down 3.23 per cent). Market opened on a negative note over unstable political and economic conditions which led the market to make an intraday low of 1607 points.

Selling sprees witnessed across the board however major laggards sectors were Cements, Technology and Banks as LUCK, SYS and HBL closed lower.

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Sectors contributing to the performance include Banks (-305.1 points), Cements (-237.0 points), Technology (-183.2 points), and E&P (-130.0 points).

Volumes increased from 189.5 million shares to 305.2 million shares (+61.1 per cent DoD). Average traded value also increased by 63.2 per cent to reach US$ 49.2 million as against US$ 30.1 million.

Stocks that contributed significantly to the volumes included LOTCHEM, CNERGY, WTL, TELE and GGL.

READ MORE: Pakistan stocks fall 284 points in volatile trading

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