Pakistan stocks plunge by 660 points on political tensions

Pakistan stocks plunge by 660 points on political tensions

KARACHI: Pakistan stocks on Monday plunged by 660 points over rising political tensions in the country, especially after date announcement for a long march.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 660 points to end at 42,440 points from last Friday’s closing of 43,100 points.

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The confidence of investors shattered due further deepen political uncertainties following date announced for the long march by PTI chairman Imran Khan.

Analysts at Arif Habib Limited said that the market witnessed a bloodbath session as investor remained bearish throughout the day.

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The bench mark KSE-100 index nosedived from the beginning of the session as increase in the political noise over the weekend and uncertainty regarding resumption of IMF Program along with continued depreciation of Pak Rupee against US Dollar and rumor of rate hike in the monetary policy, shattering investors’ confidence.

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

READ MORE: Pakistan stocks gain 59 points in range bound trading

The Index closed at 42,440.25 points, down by 660.46 points (-1.53 per cent DoD). Sectors contributing to the performance include Cement (-120.8 points), Fertilizer (-89.0 points), E&P’s (-79.9 points), Technology (-72.5 points) and Banks (-63.1 points).

READ MORE: Pakistan stocks fall 819 points on rupee devaluation

Volumes decreased from 189.9 million shares to 119.0 million shares (-37.4 per cent DoD). Average traded value also decreased by 6.6 per cent to reach US$ 17.8 million as against US$ 19.1 million.

Stocks that contributed significantly to the volumes are SILK, WTL, KEL, GGL and CNERGY.

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