KARACHI: Pakistan Stock Exchange (PSX) witnessed bloodbath as it plunged by 1250 points on Monday due to the prevailing political situation in the country, a day after the president dissolved the National Assembly.
The market fell over 787.15 points immediately after the opening bell as trading resumed on the first day of the week. The benchmark KSE-100 index sliding further throughout the day to close after declining by 1,250.07 points (2.77%) at 43,902.04 points. The bourse lost the 45,000 points level it gained last week and reached the lowest point of 43,824.08 points. The total volume of shares increased to 75.843 million valued at Rs4.062 billion.
Of the 95 traded companies in the KSE100 Index, 6 closed up 86 closed down, while three remained unchanged. The cement, commercial banks, oil and gas companies, and technology & communication sectors were the major losers of the day. The lower bench KSE-30 index also declined by 501.58 points (-2.91%) and closed at 16,736.71 points. The total volume of shares was 50.64 million.
The KMI 30 index plunged by 2,475.84 points (-3.38%) and closed at 70.763.43 points, while the All Share Index also dropped by 726.20 points (-2.35%) and closed at 30,129.34 points. The total volume of share traded were 170.364 million at the stock market.
The highest number of shares traded belonged to Telecard Ltd (TELE -3.95%) which traded 17.396 million shares. This was followed by K-Electric Ltd (KEL -5.81%), TLP Properties Ltd (TPLP -7.49%), and Ghani Global Holdings Ltd (-7.49%). The number of scrips traded were 16.012 million, 12.559 million, and 11.146 million, respectively.
The stock market reacted to the political development over the weekend and the volatile situation dented investor confidence. National Assembly (NA) Deputy Speaker dismissed the no-confidence motion against Prime Minister Imran Khan and soon after which the president dissolved the assembly.
