KARACHI: Pakistan stocks plunged by 450 points on Monday over downward revision in GDP growth and concerns over high inflation.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,859 points from last Friday’s closing of 42,309 points, showing a decline of 450 points.
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Analysts at Arif Habib Limited said that the market witnessed bloodbath session today due to concerns over inflation and growth rate due to prevailing flood crisis.
The Planning Commission has forecast the GDP would be around 2.3 per cent in the current fiscal year as compared with the actual target of 3.5 per cent.
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The market opened in the positive zone but profit taking was witnessed throughout the day. The volumes remained dull across the main board on the contrary, hefty volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (-68.1 points), Technology (-67.1 points), Cement (-56.3 points), Fertilizer (-48.0 points) and Power (-38.2 points).
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Volumes decreased from 160.1 million shares to 156.8 million shares (-2.1 per cent DoD). Average traded value also decreased by 5.7 per cent to reach US$ 19.9 million as against US$ 21.1 million.
Stocks that contributed significantly to the volumes are WTL, PRL, HASCOL, CNERGY and KEL.
