Stocks plunge 435 points on rising international oil prices

Stocks plunge 435 points on rising international oil prices

KARACHI: Pakistan stocks plunged by 435 points on Monday as crude oil prices surged to seven-year high in the international markets.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,644 points as against last Friday’s closing of 46,079.37 points, showing a decrease of 435 points.

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Analysts at Arif Habib Limited said that bloodbath session was witnessed today as crude oil prices surged to a seven-year high in the international markets amid intensifying tensions between Ukraine and Russia.

Cement sector stayed under pressure due to higher international coal prices. Across the board selling was recorded as investors opted for risk-averse approach. Main board activity remained dull.

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On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Commercial Banks (-76.6 points), Technology (-63.1 points), Fertilizer (-53.6 points), Cement (-42.6 points) and Engineering (-31.9 points).

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Volumes increased from 170.6 million shares to 187.8 million shares (+10.1 per cent DoD). Traded value decreased by 23.0 per cent to reach US$ 33.9 million as against US$ 44.0 million.

Stocks that contributed significantly to the volumes include WTL, TELE, GGL, TRG and TPLP.

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