Stock market plunges by 1162 points on massive selling

KARACHI: The stock market plunged by 1162 points on Friday owing to massive selling activities during the last trading day of the week.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,220 as against 39,382 points showing the decline of 1162 points.

Analysts at Topline Securities said that spillover of the selloff in the global markets was observed at the local bourse as the index declined by 3 percent to close at 38,220 level.

Global markets declined as fear of coronavirus resurfaced after multiple new cases of the lethal virus were reported in leading world economies.

OPEC’s vow to cut down oil production by 1.5 million barrels a day failed to give support to the oil prices, as concerns over global demand and ambiguity on whether Russia will participate in production cut weighed down on the price.

As a result E&P sector lost -4.56 percent during the trading session. Banking sector too closed down -3.67 percent as investor’s factored in potential decline in policy rate in upcoming Monetary Policy statement. MLCF was today`s volume leader with 27 million shares.

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