Share prices take deep plunge at Pakistan Stock Exchange
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Share prices sank at Pakistan Stock Exchange (PSX) on Monday starting the week on a negative note as the benchmark KSE-100 Index lost over 2,000 points due to massive selling pressure, reported 24NewsHD TV channel.
After end of trading, the KSE-100 dropped by massive 2,002.55 points or minus 1.72 percent to reach 116,439.62 points.
Key sectors including oil and gas exploration companies, OMCs, refineries, automobile assemblers and fertilizer. Index-heavy stocks including EFERT, INDU, MARI, OGDC, PPL and PSO traded in the red as massive selling took hold of the market.
It must be remembered that the PSX maintained a bullish trend throughout the last week, peaking historical scales.
This sustained surge was driven by optimism surrounding a potential staff-level agreement for the release of the $1 billion, second EFF tranche by the International Monetary Fund (IMF).
Earlier on Friday, the PSX had witnessed a range-bound session before closing at 118,442 points, marking a 0.28% decline.
Overall, the traded volume stood at 368 million shares, with a total value of Rs23.2 billion ($84 million).
Economic experts said that a weaker rupee, economic uncertainty, contraction in Large-Scale Manufacturing (LSM) by 1.8% for 7MFY25, and delays in IMF relief approvals on industrial power tariffs contributed to the bearish close.
Reporter: Basim Iftikhar