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KSE-100 drops to six-month low after 648 points fall

KSE-100 settled with a loss of 1.46% or 647.89 points

KARACHI: The benchmark KSE-100 Index ended negative for the second successive session, registering its lowest closing level last seen in March 2021 amid low volumes.

The index went as low as 43,721, a fall of 756 points in intra-day trading, with refinery, cement, and technology stocks all dragging the benchmark in the red. At close, the KSE-100 settled with a loss of 1.46% or 647.89 points to finish at 43,829.35.

This is the lowest closing since mid-March when the index was hovering around the same level.  Pakistan’s stocks have been under pressure since June with high commodity prices, rupee depreciation, and inflation readings taking their toll on investor sentiment.

Sectors dragging the benchmark KSE-100 index lower included technology and communication (197.64 points), cement (109.79 points), and banking (71.51 points).

Volume on the all-share index increased from 176.07 million on Friday to 226.57 million on Monday. The value of the shares trade also recovered, amounting to Rs8.27 billion from Rs6.84 billion on Friday.

WorldCall Telecom was the volume leader with 41.36 million shares, followed by Telecard Limited with 13.89 million shares, and Treet Corp with 9.37 million shares.

Shares of 548 companies were traded on Monday, of which 61 registered an increase, 470 recorded a fall, while 17 remained unchanged.