KARACHI: The stock market came tumbling down on the first day of the week as the Pakistan Stock Exchange (PSX) declined due to a slump in global oil prices and a lack of interest by investors.
The benchmark KSE 100 index witnessed a decline of 491.81 points (-1.5%) and closed at 32,314.57 points. The stock market plunged by 503.49 points just moments after trading resumed before making a slight recovery and kept falling by 642.73 points. Eventually, the indice started to make a gradual recovery before trading was suspended. The total volume of shares was 94.386 million valued at Rs4.721 billion.
The lower bench KSE 30 index also declined by 236.07 points (-1.64%) and closed by 14,186.23 points. The total volume of shares was 56.777 million. All the top active stock saw decline in share prices notably MLCF (-3.42%), HASCOL (-0.68%), DGKC (-1.80%), UNITY (-3.27%), PIOC (-4.92) FCCL (-1.92%), PPL (-0.11%), and CHCC (-1.92%). Byco Petroleum show an increase in share prices by 8.64% despite posting a loss of Rs3 billion.
The plunge in global oil prices stopped investors from purchasing as they dumped stocks due to the negative sentiment. The stock market also observed a lacklustre interest with the advent of Ramzan.
The cement sector also suffered a battering with the decline in prices, which the oil exploration and marketing sector slid due to the declining price of international crude. The stock market close with an impressive trading session and thin participation from investors.
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