The Pakistan Stock Exchange (PSX) witnessed a bearish trend on Monday with the KSE 100-index losing a total of 1,244.38 points, with a negative change of 2.88 per cent, closing at 43,266.97 points against 44,551.35 points on the last trading day.
The market witnessed a low of 43,050.88 points before it gained a few points and traded at a high of 44,551.35 points before it plunged and traded at 43,266.97.
The KSE-100 benchmark index closed at 43,266.97 points with a total loss of 1284.38 points at the close of the day.
A total of 236,881,385 shares were traded during the day whereas the price of shares stood at Rs8.211 billion.
As many as 362 companies transacted shares in the stock market, 44 of them recorded gain and 296 sustained losses whereas the share price of 22 companies remained unchanged.
It may be mentioned that the political parties have upped the ante against Prime Minister Imran Khan who is most likely to be facing a no-confidence motion in the assembly soon.
Global markets plunged in unison after the United States said that it was in “active discussion” with its European allies about banning imports of Russian oil and natural gas as a collective economic penalty on the Kremlin over its invasion of Ukraine.
Analysts say that a host of domestic and global factors including the domestic political and volatile global situation caused by the Russia-Ukraine conflict were behind the dip.
Some analysts say that the prime minister’s defiant speech of yesterday, where he had lashed out at European Union countries after they asked Pakistan to vote in favour of a resolution in the UN General Assembly condemning the Russian invasion of Ukraine. The prime minister had said that Pakistan is not the slave of the EU.
Some analysts liked the stock plunge to the rising global oil prices as it bodes not well for the country facing higher fiscal and current account deficit.
Global oil prices have soured to a 14-year high in the international market with global equities plunging in unison.
