KSE 100 index dips by 420 points after lacklustre week

KARACHI: After a lacklustre week, the stock market tumbled on Monday losing around 420 points and the 43,000 points level over the lack of positive triggers and concerns over the rising fiscal debt, economic growth, and high inflation.

The KSE 100 index at the Pakistan Stock Exchange shed 420.13 points, or a decline by 0.98 percent, to close at 42,747.63 points. The indices lost the 43,000 points level as it reached the highest point of 43,302.61 points and the lowest point of 42,632.58 point before trading was suspended. The total volume of scripts was 116.37 million valued at Rs6.201 billion.

Meanwhile, the lower KSE 30 index decline by 198.43 points or a decrease by 0.99 percent, and closed at 19,798.84 points. The total volume of scripts also decline to 79.387 million. The share prices of several companies fell as the stock market failed to find direction. The shares of top active stocks including Engro Fertilizer (-5.48%), TRG (-4.36%), BOP (-1.44%), and World Call (-2.34).

The last week was disappointing at the stock over a lack of triggers and subdued investor confidence. The KSE 100 index ended the week with a gain on 39 points only to close at 43,168 points. The week started on a positive note but lost direction as the index remained range bound.

The last day of the preceding week delivered a silent response as trading gained around 100 points. There was positive contribution from commercial bank, automobile, refinery, and textile sector, whereas oil and gas exploration, and the power sector decline. There expected monetary policy announcement this week is expected to trigger the stock market.