Stocks slide below 30,000 level
KARACHI: The benchmark KSE-100 index extended losses from Wednesday dipping 539 points (1.8 per cent) on Thursday to close at 29,783, falling below the psychological level of 30,000.
The markets were affected by the ongoing political compression over the Kashmir issue with the arrest of PML-N Vice President Maryam Nawaz Sharif further fuelling uncertainty.
Energy stocks emerged as the major laggards after the Oil and Gas Development Company (OGDC) declined 3.2pc, Pakistan Petroleum Ltd 2.4pc and Pakistan Oilfields Ltd (POL) 5pc as international oil prices slumped on the back of bleak demand outlook amid US-China trade war.
Banking, power, cement, fertiliser, and food sectors were hammered by investors cumulatively taking away 354 points away from the index.