Stocks plunge 527 points on political stalemate
KARACHI: Stocks fell freely on Monday for reasons that ranged from heated political atmosphere, concerns for a rudderless economy and worries associated with the settlement of future contracts.
After a positive opening that took the index up to intraday high by 79 points, it remained under pressure throughout the day. It finally closed with a loss of 527.47 points (1.29pc) at 40,316.93
Market participants said that a sizable position in future contracts amounting to Rs9.4bn required settlement by the end of this week. The volume was down 19pc to 94m shares over the previous session, while the traded value slumped 21pc to Rs4.34bn as investors lazily dabbled in low-priced third-tier stocks.
Investors decided to remain on the sidelines fearing an unsavoury end to the deadlock in the dialogue between the government and the protesters in the capital.