KARACHI: The stock market plunged by 847 points on Monday owing to political uncertainty and high inflation numbers.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,296 points as against 40,144 points showing a decline of 847 points or 2.1 percent DoD.
Analysts at Arif Habib Limited said that the market again faced a significant drawdown that saw index going down by 947 points during the session and closing 847 points.
Inflationary pressures, political wrangling and in-progress normalization of inverted yield curve have proven to be detrimental to investor sentiment which has seen market nose diving from 43800 to 39300, a loss of 4500 points in general.
Stocks declined all and sundry, from E&P to Refineries and Banks to Cement. Cement sector led the volumes with 27.4 million shares, followed by Technology (23.2 million) and O&GMCs (20.2 million).
Among scrips, HASCOL led the volumes with 15.3 million shares, followed by UNITY (11.6 million) and MLCF (9.6 million).
Sectors contributing to the performance include E&P (-138 points), Banks (-125 points), Fertilizer (-87 points), O&GMCs (-86 points) and Cement (-76 points).
Volumes declined from 193.6 million shares to 180.8 million shares (-7 percent DoD). Average traded value also declined by 2 percent to reach US$ 43.1 million as against US$ 44.1 million.
Stocks that contributed significantly to the volumes include HASCOL, UNITY, MLCF, TRG and WTL, which formed 30 percent of total volumes.
Stocks that contributed positively include PAKT (+33 points), MCB (+11 points), HMB (+4 points), THALL (+2 points) and AICL (+1 points). Stocks that contributed negatively include ENGRO (-53 points), NESTLE (-47 points), OGDC (-45 points), PSO (-41 points), and PPL (-39 points).