Pakistan’s Karachi Stock Exchange (KSE) recorded biggest-ever single-day decline in terms of points on Monday as investors went on a panic-selling drive following turbulence on political front where top opposition parties are all set to start a Long March.
The benchmark KSE 100-Index plummeted by 4.46 percent or 1,309. 09 points to 28,071.41 points on Monday when compared with 29,380. 50 points reported on Friday.
The KSE All Share Index plunged by 4.34 percent or 935.64 points to 20,626.87 points, the KSE 30-Index slumped by 4.37 percent or 892.02 points to 19,537.67 points, whereas the KMI 30- Index shed 4.21 percent or 1,998.93 points to 45,461.1 points.
During Monday’s trading session, the key index touched an intraday high of 29,380.50 points as against an intraday low of 28, 037.37 points.
Top Pakistani market witnessed panic like situation and recorded the biggest-ever single-day fall in points terms but not in terms of percentage.
Investors dumped shares after Dr. Tahir-ul-Qadri’s political party also decided to go for a “Revoluation March” on Aug. 14. Investors fear that pressure is rising on Nawaz Sharif-led government set-up and the political instability forced many stocks to close down at their 5 percent lower limits.
Volumes remained decent as serious investors bought shares on dips amid hoped that current crisis will get over soon.
Market volumes improved by 143.680 million shares to 215.626 million shares on Monday as against 71.946 million shares on Friday, capitalization shrank by 301.048 billion rupees (3.010 billion U.S. dollars) to 6.605 trillion rupees (66.059 billion dollars), whereas trading value swelled by 4.761 billion rupees ( 47.611 million dollars) to 8.897 billion rupees (88.979 million dollars).
Among 376 active scrips Monday, prices of 353 issues declined, 14 advanced, whereas values of 9 other companies stayed unchanged at previous week’s levels.
Lafarge Pakistan Limited, Bank of Punjab, and Fauji Cement were the top traded companies with turnovers of 19.706 million shares, 18.306 million shares, and 12.266 million shares, respectively.
Indus Dyeing was the top price gainer with increment of 19.70 rupees (19.70 U.S. cents) to 698 rupees (6.98 dollars) whereas Rafhan Maize topped the major price shedders with decrement of 540 rupees (U.S. dollars) to 10,260 rupees (102.60 dollars).