KARACHI: Pakistan stocks on Monday plunged by 1412 points or 3.17 per cent in intraday trading owing to massive rise in international oil prices and political noise.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is trading at 43,140 points, having lost around 1412 points or 3.17 per cent at 10:50 AM, as compared with last Friday’s closing of 44,551 points.
READ MORE: Weekly Review: market to remain jittery
Analysts said that massive jump in international oil prices resulted in negative sentiments in the stock market.
The Brent crude reportedly rose by $11.67 or $130 a barrel by 6:50PM 2350GMT. The oil prices soared to the highest level since 2008.
READ MORE: Stocks gain 25 points in range bound trading
Besides, political uncertainty is also impacted the stock trading adversely. The political noise due to campaign of no-confidence move against the present government was gaining momentum and opposition parties are gathering to table the move.
Further, the FATF decision to keep Pakistan in grey list also one of the factors behind the stock market decline.
READ MORE: Stocks make slight gain amid higher fuel price concerns
Last week analysts said that the market will remain jittery in the short term on account of geopolitical tensions and rising commodity prices.
Key events to look out for include MPC meeting, FATF decision, and an ongoing IMF review which will have an impact on the market. Keeping in view the ongoing result season, certain sectors and scrips are expected to stay under limelight.
READ MORE: Stocks shed 289 points on high global commodity prices
