KARACHI: The Pakistan Stock Exchange (PSX) opened the week with a decline of more than 1,000 points, the biggest single-day fall in over a month.

According to the Karachi-based brokerage firm Topline Securities, it was the highest day-on-day decline since Dec 26.

According to the stock exchange data, the benchmark KSE-100 index lost 1,039.34 points, or 1.63pc, to close at 62,773.72 on Monday.

Monday’s negative session “can be attributed to investors opting to book profits before the announcement of monetary policy and foreign selling”, Topline said.

Later on Monday, the State Bank of Pakistan’s Monetary Policy Committee decided to keep the policy rate unchanged at 22 per cent.

It was the third successive drop on the stock market after the index lost 524 points on Thursday and 485 points on Friday, showing that the market has shed over 2,000 points in three straight sessions.

According to analysts, investors resorted to panic selling, driven by ambiguity regarding circular debt resolution and the outcome of the monetary policy meeting.

In the monetary policy committee meeting later in the day, the State Bank decided to keep the policy rate unchanged at 22 per cent, in line with market expectations.

Over 317 million shares were traded at the bourse, while total value landed at Rs10.7bn.

K-Electric led the volumes chart with the trading of over 46.6m shares, followed by Pakistan International Airlines (22.9m shares), WorldCall Telecom (21.5m shares), PTCL (15.9m shares), and Treet Corporation (14.5m shares).

Shares registering the biggest increases in their prices in absolute terms were Unilever Foods (Rs1,000), Sapphire Fibres (Rs97), Pakistan Tobacco (Rs35), JDW Sugar Mills (Rs25), and Indus Motor (Rs19.4).

Companies registering the biggest decreases in their share prices in absolute terms were Mari Petroleum (Rs99.2), Siemens (Rs26.4), Faisal Spinning (Rs24.99), Hallmark Company (Rs21.6), and Thal Ltd (Rs20.1).

Published in Dawn, January 30th, 2024

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

Opinion

Editorial

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...
Islamabad protest
Updated 20 Nov, 2024

Islamabad protest

As Nov 24 draws nearer, both the PTI and the Islamabad administration must remain wary and keep within the limits of reason and the law.
PIA uncertainty
20 Nov, 2024

PIA uncertainty

THE failed attempt to privatise the national flag carrier late last month has led to a fierce debate around the...
T20 disappointment
20 Nov, 2024

T20 disappointment

AFTER experiencing the historic high of the One-day International series triumph against Australia, Pakistan came...