The proceedings of an investigation into the prime minister's family's business dealings abroad hit the Pakistan Stock Exchange with full force Monday, taking the benchmark KSE-100 Index down 1,855 points.

The index lost 3.7 per cent to touch 47,672 points by the end of the session, testing the day's low at 47,538. It was a one-way street, as the market's open at 49,527 remained the day's high.

Trading activity was led by the cement sector, with 50 million shares changing hands during the session.

The index was expected to test support at 49,502 but failed to do so. The next target was supposed to be 48,583, extendable to 47,492, according to a report from JS Global.

Acute panic among investors over the uncertainty surrounding the outcome of a joint interrogation team's report regarding the ruling family's business dealings abroad triggered a reaction amidst the negativity prevalent in the market, analyst Ahsan Mehnati said while commenting on the situation.

"Falling global crude prices, uncertainty in global equities and concerns for higher tax levies in the federal budget played a catalyst role in the bearish close," he added.

A total of 62.6 million shares of KSE-100 index companies changed hands in the session, with a total worth of nearly Rs6.8 billion.

Stocks of 383 companies were traded, of which 32 gained in value, 339 declined and 12 remained unchanged.

Volumes were led by:

Power Cement(R): 26.3m shares traded [-39.17pc];

Bank of Punjab: 15.9m shares traded [-26.37pc];

WorldCall Telecom: 13.8m shares traded [-3.70pc];

Engro Polymer: 12.8m shares traded [-4.44pc];

Dost Steels Ltd: 10.5m shares traded [-6.77pc];