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KARACHI: The Pakistan Stock Exchange (PSX) tumbled on the final day of the week on Friday after losing more than 700 points in single day to end on a negative note.
The benchmark KSE-100 index plunged in early trading session below the 43,000 points level. The bourse made a slight recovery but witnessed a mute response throughout the day.
It eventually plunged to its lowest points of 42,990.55 points before trading was suspended. The bourse eventually closed at 43,029.97 points after losing 777.26 points (-1.77%). The total volume of shares were 92.329 million valued at Rs5.328 billion.
Of the 95 traded companies in the KSE100 Index, 17 closed up 76 closed down, while 2 remained unchanged. Sector-wise, the index was let down by Commercial Banks with 158 points, Technology & Communication with 150 points, Oil & Gas Exploration Companies with 140 points, Cement with 113 points and Oil & Gas Marketing Companies with 54 points.
The lower bench KSE-30 index declined by 391.41 points (-2.33%) and closed at 16.434.41 points. The total volume of shares was 59.012 million. The KMI 30 index closed at 69.139.72 points after losing by 1,697.17 points (-2.40%), while the All Share Index dropped 451.85 (-1.51%) and closed at 29,478.40 points. The total volume of share traded were 180.251 million at the stock market.
The highest number of shares traded belonged WorldCall Telecom Ltd (WTL -4.46%) which traded 13.488 million shares. This was followed by Ghani Global Holdings (GGL -6.11%), K-Electric Ltd (KEL -3.31%) and Pak Elektron (PAELR3). The number of scrips traded were 10.053 million, 8.827 million, and 7.249 million, respectively.
The stock marker witnessed a volatile week with growing political turbulence as the parliament inching closer to a vote on the no-confidence motion. weakened investor confidece in making stock purchases in the market.
The rupee slumped past 180 against the US dollar in the inter-bank market and triggered sell-off in the stock market. On the international front, the uncertainty over the Russia-Ukraine conflict persisted, which mounted pressure on global markets and impacted the stock market.
