The stock market endured heavy selling on Monday as the KSE-100 index dived over 500 points, dragged down by speculation about a monetary policy announcement later in the day coupled with concerns over rising Coronavirus cases.
In the morning, the market opened on a bearish note and fell sharply during early trading. Some stability emerged at midday but it could not last long. Late session selling pushed the market further deep into the red and the index dropped below the 40,000-point mark.
At close, the benchmark KSE-100 index recorded a decrease of 554.66 points, or 1.38%, to settle at 39,632.52 points. Overall, trading volumes inched up to 195.5 million shares compared with Friday’s tally of 189.9 million. The value of shares traded during the day was Rs7.5 billion.
Shares of 382 companies were traded. At the end of the day, 63 stocks closed higher, 297 declined and 22 remained unchanged.
Unity Foods was the volume leader with 15.4 million shares, losing Rs0.60 to close at Rs23.12.