Pakistani stocks plummet over 666 points

Published August 4, 2014
File photo shows Pakistani stockbrokers watching the latest shear prices on a digital board during a trading session at the Karachi Stock Exchange (KSE).—AFP PHOTO
File photo shows Pakistani stockbrokers watching the latest shear prices on a digital board during a trading session at the Karachi Stock Exchange (KSE).—AFP PHOTO

KARACHI: Pakistani stocks tumbled over 666 points on day Monday, with the market continuing the free-fall it had witnessed on the last trading day before Eidul Fitr holidays.

At the close of the day's trading, the benchmark Karachi Stock Exchange 100-index (KSE-100) had fallen 2.20 per cent, or 666.24 points, to 29,647.83.

During trading, the bourse hit a low of 29,435.84 points, coming down from an opening of 30,314.07 points.

Analysts attributed the fall to political tensions after opposition party Pakistan Tehreek-i-Insaf (PTI) announced it would hold a ‘million’ march in Islamabad on August 14.

A global sell-off in equity markets last week also affected local sentiments.

Oil and Gas Development Co Ltd fell 3.56 per cent to 265.93 rupees and Pakistan State Oil Co Ltd was down 4.41 per cent at 385.06 rupees.

Investors were similarly spooked by the political scenario last Monday – the last trading day before Eidul Fitr holidays – with the KSE-100 index declining by 160.68 points or 0.53pc to settle at 30,314.07 points.

In the currency market, the Pakistani rupee ended steady at 98.75/98.82 per dollar.

Overnight rates in the money market ended flat at 10.00 per cent.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Kurram atrocity
Updated 22 Nov, 2024

Kurram atrocity

It would be a monumental mistake for the state to continue ignoring the violence in Kurram.
Persistent grip
22 Nov, 2024

Persistent grip

An audit of polio funds at federal and provincial levels is sorely needed, with obstacles hindering eradication efforts targeted.
Green transport
22 Nov, 2024

Green transport

THE government has taken a commendable step by announcing a New Energy Vehicle policy aiming to ensure that by 2030,...
Military option
Updated 21 Nov, 2024

Military option

While restoring peace is essential, addressing Balochistan’s socioeconomic deprivation is equally important.
HIV/AIDS disaster
21 Nov, 2024

HIV/AIDS disaster

A TORTUROUS sense of déjà vu is attached to the latest health fiasco at Multan’s Nishtar Hospital. The largest...
Dubious pardon
21 Nov, 2024

Dubious pardon

IT is disturbing how a crime as grave as custodial death has culminated in an out-of-court ‘settlement’. The...