Following an early crash and a temporary market halt, the KSE-100 benchmark index resumed trading, recovered slightly by midday, but plunged sharply by 16,089.17 points, posting its largest-ever single-day decline. As trading began Monday following a weekend marred by geopolitical instability, the market crashed by over 15,000 points, causing the Pakistan Stock Exchange (PSX) to halt trading. According to Chief Executive Officer Topline Securities Mohammed Sohail, the “market overreacted initially amid selling by a few funds and leveraged players”. As trading resumed around 10:30am, the index was down 12,334.88 points from its previous close of 168,062.16 points, marking a fall of 7.34 per cent. Sohail added that after the halt, some buying was seen as investors realised the market had already fallen by 20pc from its recent peak and had attractive values. By 11:07am, the market recovered more, with the index down 9,164.62 points, marking a fall of 5.45pc. However, by closing the index hit 151,972.99 points, s...
The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 began another week on a low note, losing more than 5,400 points during intraday trade on Monday. The KSE-100 index declined 5,478.63 points, or 3.16 per cent, to stand at 167,691.08 points from the previous close of 173,169.71 points. The index reached its intraday high of 174,336.85 points at 9:38am — higher than its previous close — but then plunged to an intraday low of 166,886.63 points at around 1:24pm, before regaining some ground to 167,691 points by market close. The top active stocks were led by K-Electric Limited, falling 4.61pc to Rs7.66 with 36,062,769 shares traded; followed by Worldcall Telecom Limited, falling 4.35pc to Rs1.32 with a volume of 33,673,161; and Bank of Punjab, falling 8.63pc to Rs30.19 with a volume of 26,673,106. The top advancing stocks were led by Itanz Technologies Limited, rising 10.01pc to Rs13.96, followed by Kohinoor Industries Limited, rising 10.00pc to Rs50.60, and S.S. Oil Mills Limited, rising 10.00pc to Rs56...