Pakistan stocks plunge 978 points on rupee devaluation

Pakistan stocks plunge 978 points on rupee devaluation

KARACHI: Pakistan stocks plunged by 978 points on Tuesday owing to political instability and massive rupee devaluation.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 40,389 points from previous day’s close of 41,367 points, showing a decline of 978 points.

READ MORE: Pakistan stocks plunge 708 points in bloodbath session

Analysts at Arif Habib Limited said that bears took charge at the stock market today as bloodbath continued.

Despite opening in the green zone, benchmark KSE-100 index dropped down to an intraday low of 40,216 levels (1150.73 points negative).

READ MORE: Weekly Review: stocks likely to stay positive

Selling momentum continued across the board due to political unrest and rupee devaluation against US Dollar, marking a historic high in the interbank and open market. 

The Pakistan Rupee (PKR) recorded a decline of Rs6.79 to end at historic low of Rs221.99 to the dollar at interbank foreign exchange market.

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

The Index closed at 40,389.07 points, down by 978.04 points (-2.36 per cent DoD). Sectors contributing to the performance include Banks (-235.3 points), E&P (-139.5 points), Fertilizer (-130.6 points), Cement (-99.6 points) and Power (-57.1 points).

Volumes increased from 151.4 million shares to 194.9 million shares (+28.8 per cent DoD). Average traded value also increased by 32.7 per cent to reach US$ 26.1 million as against US$ 19.6 million.

Stocks that contributed significantly the volumes are KEL, WTL, CNERGY, CLVLR and UNITY.

READ MORE: Stocks gain 184 points in lackluster trading activity