KARACHI: Pakistan stocks plunged by 923 points on Friday owing to weakening fiscal condition and concerns of further monetary tightening.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,315 points from previous day’s closing of 42,238 points, showing a decline of 923 points.
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Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed yet another bloodbath session today due to monetary tightening and inflationary concerns.
The market opened in the negative zone and remained under pressure throughout the day as investors opted for profit selling over uncertain economic scenarios.
READ MORE: Pakistan stocks shed 322 points on budgetary concerns
The volumes remained dull across the board on the contrary hefty volumes were observed in the 3rd tier stocks.
Sectors contributing to the performance include Banks (-176.8 points), Cement (-131.7 points), Fertilizer (-96.4 points), Technology (-79.5 points) and E&P’s (-71.1 points).
READ MORE: Stocks remain range bound on high inflation concerns
Volumes increased from 157.0 million shares to 225.4 million shares (+43.6 per cent DoD). Average traded value also increased by 13.3 per cent to reach $30.3 million as against $26.7 million.
Stocks that contributed significantly to the volumes are KEL, PRL, CNERGY, PAEL and PIBTL.
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