KARACHI: Stocks fell on Monday, with the Pakistan Stock Exchange (PSX) benchmark KSE-100 Index falling more than 1,400 points due to worries over the International Monetary Fund (IMF) program and rupee-dollar parity.
The S&P 500 finished at 43,393.14, down 1,447.67 points, or 3.23 percent.
During the session, 363 businesses’ shares were exchanged. At the conclusion of trade, 38 stocks were in the green, 311 were in the red, and 14 were unchanged.
Overall trading volumes increased to 305.2 million shares, up from 305.20 million on Friday. The total value of shares exchanged that day was Rs9.23 billion.
With 27 million shares traded, Lotte Chemical Pakistan was the volume leader, earning Rs0.54 to settle at Rs25.20. Cnergyico PK Limited came in second with 23.85 million shares traded, losing Rs0.55 to end at Rs5.56, while WorldCall Telecom Limited came in third with 20.97 million shares traded, losing Rs0.11 to close at Rs1.57.
Reasons for the PSX carnage According to BMA Capital Executive Director Saad Hashemy, there were four reasons behind the PSX bloodbath.
According to Saad Hashemy, the market collapsed owing to economic uncertainty, a negative rupee-dollar parity, a lack of clarity on the IMF program, and increasing interest rates.
He also said that, despite the excellent prices for market participants, the negative attitude may not last.
Hashemy said that in order to address the situation, the government must establish a solid economic plan, as well as a strategy to control growing commodities prices and oil prices.