Stock Exchange Nose Down Below 30,000 Level

Stock Exchange Nose Down 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.

The volume, led by cement sector with 15.2 million shares traded, jumped up significantly by 66pc to 108.7m shares, from 54.3m whereas traded value also increased by a massive 58pc to $27.4m, from 17.4m. Stocks.

The dollar after some ups and downs stable against rupee and slides down to 158.25 in interbank while its price in the open market remains the same at 158.70.

The gold reached Rs 86800 per tola after the gain of Rs 550 as the gold rate in international markets also witnessed a gain of $ 5 and closed at $ 1500 per ounce.