Karachi (July 03, 2017): The Pakistan Stock Exchange (PSX) saw a bloodbath Monday with the benchmark KSE-100 Index shedding 1,900 points as political uncertainty clouded the outcome of a Supreme Court-sanctioned probe into the Sharif family’s business dealings abroad.
The benchmark index plunged 4.08 per cent, falling through the 45,000 level to close at 44,665.41 points. The market recorded the day’s low at 44,639.82 points during the trading session.
It was a one-way street, as the market’s open at 46,565 remained the day’s high.
According to Topline Securities, the market experienced the sharp drop in value on the very first day of the new fiscal year.
The last time such the index tanked over 4pc was in August 2015, when China depreciated the Yuan, and before that in August 2014 during the Pakistan Tehreek-i-Insaf’s sit-in in Islamabad.
The banking sector led activity at the bourse, with over 34 million shares traded, followed by the cement and the communication sectors with 21.4 and 16.6 million shares, respectively.
A total of 77.7m shares of KSE-100 companies changed hands during the session, with a total worth of nearly Rs7.2 billion.
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