Pakistan stocks plunge 708 points in bloodbath session

Pakistan stocks plunge 708 points in bloodbath session

KARACHI: Pakistan stocks lost 708 points on Monday as political uncertainty resulted in a bloodbath session.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,367 points from previous day’s closing of 42,075 points, showing a decline of 708 points.

READ MORE: Weekly Review: stocks likely to stay positive

Analysts at Topline Securities commented that Pakistan equities commenced the week on a bearish note on the backdrop of increasing noise on the political front after the surprise clean sweep victory of PTI (Opposition party to the ruling coalition) in Bi-Election held in the biggest province of the country.

Meanwhile, analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today over prevailing political uncertainty in the country.

READ MORE: Weekly Review: market likely to stay range-bound

The market opened in the negative zone and remained under pressure throughout the day as investors opted for panic selling due to rupee devaluation against USD.

The main board volumes remained dull although hefty volumes were observed in the 3rd tier stocks.

Sectors contributing to the performance include Banks (-127.6 points), Cement (-106.6 points), Fertilizer (-106.2 points), E&P (-69.1 points) and Technology (-67.9 points).

READ MORE: Stocks gain 184 points in lackluster trading activity

Volumes increased from 140.1 million shares to 151.4 million shares (+8.0 per cent DoD). Average traded value decreased by 18.9 per cent to reach US$ 20.3 million as against US$ 25.0 million.

Stocks that contributed significantly to the volumes are WTL, KEL, TPLP, PRL and CLVLR.

READ MORE: Pakistan stocks up amid rupee depreciation