The KSE-100 Index closed at 39,160.60, down 1335.43points (-3.30%), with a traded volume of 102.66mn shares and traded value of PKR5.59bn. In USD terms, the traded value today was USD43.01mn, USD 127.90mn (-74.84%) lower than last trading session.
Pakistan stocks crashed on first day of the week after rupee devaluation and interest rate hike. PSX plunged today in retaliation to more than expected hike in interest rates by State Bank of Pakistan by 150 bps on Friday(100 bps slash was expected).
Rupee also losing ground significantly on Friday against US dollars combined with Consumer Confidence Index dropping by 12% in Nov announced today triggered massive sell off by investors on Monday.
Moreover, KSE 100 was also kept under pressure due to media reporting that the government is making preparations for increasing the prices of gas, which will result in an additional burden of Rs91 billion on the consumers.
Participants were seen active in E&P, banking, fertilizer and cement sectors.
Top gainers were MEBL (+2.04%), SCBPL (+2.20%), ATLH (+0.00%), COLG (+0.00%), and GATI (+0.00%).
Top losers were ENGRO (-4.95%), HBL (-3.90%), FFC (-4.99%), LUCK (-5.00%), and HUBC (-4.45%).