KARACHI: Pakistani stocks shed 390 points, or 1.63 per cent,to close at 22,701 points on Monday, with the Karachi Stock Exchange continuing its downward trend from the previous week.

The KSE-100 index, the country’s benchmark index, was in decline all day opening at 23,091.87 and momentarily rising by 31 points but remained in freefall thereafter, hitting a low of 22,301 points in the day’s trading.

Trading was expected to continue being sluggish and weak in the follow up to Eid, as foreign investors also remained on the sidelines. Higher than expected inflation rates announced last week continued to pull down the market as investor outlook remained negative.

The fertilizer sector continued to see heavy losses due to the proposed increase in the gas rate tariff for commercial users. Engro Corp shed its by price by Rs 7.55 after trading over 6 million shares to close at 146.15. Its subsidiary Engro Foods also suffered, going down by 6.61 rupees.

Cement firms continued to decline as well, amidst heavy trading in the sector, with all major firms except Maple Leaf straying in the red.

The firms with the highest traded volume were Fauji Cement, lower by 79 paisas to close at 14.97 after trading more than 24 mn shares; Lafarge Pak was lower by 62 paisas at 9.26 on 7.371 mn shares; Maple Leaf Cement up by 6 paisas closing at 29.75, trading 14.6 mn shares; Engro Polymer down by 96 paisas ending at 12.71 with trade volume standing at 6.53 mn shares. PTC trading Spot also declined by Rs 1.05 amidst trade of 13.669 mn shares. KESC, Bank of Punjab and National Bank were also in decline after trading 6.192 mn, 14.734 mn and 11.610 mn shares respectively.

Out of a total of 338 shares that were up for trade, 236 were in decline while only 71 shares gained with 31 shares remaining unchanged.

The traded volume stood at 232 million shares, up from 199 million shares traded on the previous trading day, Thursday. Trade value stood over Rs 10 billion.

The market remained closed on Friday.