The Pakistan Stock Exchange started the week on a bearish note, with the benchmark KSE-100 Index losing 536 points, or 1.09pc, by the end of trading to reach 48,655.72.

"KSE-100 shed 536 points [...] amid lowest volumes since July 4, 2016, as investors & traders alike took to the sidelines, opting for a wait and see approach on concerns over a regulatory crackdown, broker defaults and the verdict pending in the Panama Case," read a note issued by Topline Securities.

Volumes were led by the engineering sector, followed by refinery and commercial banking stocks, as the benchmark index slipped below 49,000 points yet again.

Volumes plunged to 50 million shares, with a total worth of only Rs4.99 billion.

"Low volumes with declining global oil prices led the decline in the index," Hammad Aman of Topline Securities said.

Overall, stocks of 384 companies were traded on the exchange, of which 77 gained in value, 290 declined and 17 remained unchanged.

Volumes were led by:

1. Aisha Steel Mill: 10.6m shares traded (+3.64pc);

2. Pak Refinery: 9.99m shares traded (-4.99pc);

3. Dost Steels Ltd: 9m shares traded (-0.49pc);

4. K-Electric Ltd: 7.42m shares traded (+0.42pc); and,

5. TRG Pak Ltd: 7.01m shares traded (-4.34pc).

"Stocks fell sharply lower amid pressure in scrips across the board on profit taking in the post earning season," said analyst Ahsan Mehanti.

"Upbeat data on auto sales in Feb 2017 failed to support falling auto stocks," he added.

"[A] record fall in global crude prices and uncertainty over the outcome of ongoing regulatory [scrutiny] on non-compliant brokers played a catalyst role in the bearish close."