Bears rampage as PSX plunges over 2,000 points

Pakistan Stock Exchange (PSX) on Monday witnessed huge downward trend as the benchmark KSE-100 index plunged by 2002.55 points on the first trading day of the week.

Selling pressure force the stock market to close down by -1.69% percent at 116,439.62 points against 118,442.17 points on the previous session.

A total of 166,600,860 shares were traded during the day as compared to 369,119,112 shares the previous trading day, whereas the price of shares stood at Rs15,622 billion against  RS.23.273 billion on the last trading day.

As many as 467 companies transacted their shares in the stock market, 123 of them recorded gains, and 266 sustained losses, whereas the share price of 78 companies remained unchanged.

The high level of the stock market recorded at 118,797.70 point and the low at 116,257.51 points during the session.

Selling was seen in 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.

This downward trend follows a week of remarkable gains, where the PSX had reached an all-time high, buoyed by optimism surrounding a potential $1 billion staff-level agreement for the release of the second Extended Fund Facility (EFF) tranche.