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KARACHI: The Pakistan Stock Exchange (PSX) on Monday witnessed carnage as the KSE-100 index plunged by near 1,500 points as bears were in firm control of the stock market.
The bourse was under severe selling pressure right from the opening bell, with KSE-100 losing 506.6 points in the opening hour and reaching 44,044.07 points. The bourse continued its downward trajectory and reached its lowest point of 43,050.88 points in intra-day trading representing a loss of 1,472.45 points.
The benchmark KSE-100 index had lost 1284.38 (-2.88) points at closed at 43,266.97 points before trading was suspended. The total volume of shares was 44.5 million valued at Rs6.418 billion.
The lower bench KSE 30 index also decreased by 604.12 points (-3.47%) and closed at 16,824.73 points. The total volume of shares was 60.69 million. The KMI 30 index closed at 69,862.88 points with a decrease of 2,631.83 (-3.63%) while the All Share Index plunged by 780.76 (-2.54%) and closed at 29,917.45 points.
The highest number of shares traded belonged to Hum Network Ltd (HUMNL -5.69%) which traded 20.073 million. This was followed by WorldCall Telecom Ltd (WTL -5.69%), TRG Pakistan Ltd (TRG -7.44%), and Telecard Ltd (TELE –7.50%). The number of scrips traded were 11.545 million, 9.512 million, and 9.028 million, respectively.
A variety of domestic and international factors were behind the decline as geopolitical tensions rise and continue to affect equity markets across the globe.
Oil prices spiked to their highest levels since 2008 as the United States and European allies weighed a Russian oil import ban. Brent crude reached $139.13 and US West Texas Intermediate (WTI) hit $130.50, both benchmarks striking their highest levels since July 2008.
The political happenings also had an overbearing effect on the stock market as the prime minister faces the prospects of a no-confidence motion. Many analysts have also raised concerns over the premier’s hard-hitting speech against European countries to pressuring to condemn Russia.
