Stocks fall 205 points on economic concerns
KARACHI: Contrary to expectations of jubilation over the oath-taking ceremony by the newly elected national assembly, the stock market opened on a gloomy note and continued to trade in the red throughout the day. The KSE-100 index lost 204.59 points (0.48 per cent) to settle at 42,637.59.
Investors seemed to be worried over the country’s deteriorating economic outlook. Analysts said the deepening financial crisis in Turkey (lira has plummeted by more than 40pc this year) shattered the confidence of the emerging market, thereby affecting local sentiments.
Participants also showed dull interest due to ongoing accountability court’s investigations in money laundering cases. Major Nishat Group scrips, including DG Khan Cement, Nishat Mills, MCB, Nishat Chunian, Nishat Power and Nishat Chunian cumulatively lost approximately Rs10.05 billion from the group’s market value as its founder Mian Mansha was being investigated in money laundering case.
The volume plunged 35pc over the previous session to 250 million while the traded value declined by 35pc to reach Rs8.05bn. Pak Elektron, Worldcall, Lotte Chemical, Engro Polymer and Chemicals and Unity Foods came out as the leaders, reflecting 27pc of the total turnover.