Pakistan stock exchange posts one of largest intraday declines

Must Read

Genocide is the only option in Balochistan – Pakistani Minister declares

A Pakistani minister in Balochistan, who is de-jure head of security apparatus in the region, has declared that genocide...

Aslam Baloch — The Baloch General – TBP Special report

For seventy years, through ups and downs, successes and failures, with rapid and slow pace, the Balochistan’s...

State’s deadly weapon, Shafiq Mengal – The Balochistan Post report

Strings of suicide bombing in Sindh's Shikarpur city and firing incident on BSO azad's rally in Khuzdar got connected...

Pakistan stocks took a tumble on the first trading session of the week, with political upheaval and a looming crackdown on some banking industry players sending jitters through the market.

The benchmark KSE-100 Index declined 996 points (2.47pc) to close at 39,289 amidst tight volumes. Only 76 million shares of indexed companies were traded over the day, with a combined worth of Rs4.46 billion.

Elixir Securities described it as the “third largest daily decline of the year 2018”.

“Politics was much to blame for today’s fall, as sentiments were dented after Supreme Court barred key politicians and bankers from traveling abroad due to their possible involvement in money laundering. Moreover, increasing uncertainty over macros and persistent selling by local asset managers added to market plight,” said their analyst Muhammad Arbash.

“In the past seven trading sessions, the market has fallen by 2,709 points (down in six out of the seven sessions),” noted a Topline Securities analyst. “This amounts to 2.5pc decline over the last trading session and 6.5pc fall in the past seven trading sessions.”

The index marked a day’s high of 40,373 before rapidly losing ground, reaching a low of 30,067 almost an hour before market close.

SourceDawn News

Latest News

Turbat: Youth “Forcibly Disappeared” By Pakistani Security Forces

The Pakistani security forces allegedly detained a youth from Balochistan’s Turbat on Friday.  

BLT Releases Four Detainees In Dera Bugti After ‘Investigation’

The Baloch Liberation Tigers (BLT), an armed "pro-independence" group, has released four individuals who were arrested earlier this month in Tehsil Sui...

Zhob: Attack on Security Forces Leaves Four Dead, Five Injured

In Balochistan's Zhob, an attack on the Pakistani security forces in the early hours of Friday left four people dead and five...

Balochistan: Suicide Blast Kills 53, Injures Dozens in Religious Procession in Mastung

A suspected suicide blast during a religious procession in Balochistan's Mastung district left 53 dead, including a police officer, with dozens injured....

Hub: Body Found Near Dargah Shah Noorani; Motorcycle Collision Kills One

In two separate incidents in Hub, a body was discovered near Dargah Shah Noorani, while a motorcycle collision resulted in a fatality...