KSE 100 index plunges by 925 points

Amanullah Khan

Karachi

KSE-100 Index once again plunged by 925 points to close in red at 42153 point levels on the first trading session of the week here on Monday.
Primarily the volatile political situation contributed to the sharp decline which also led to an extremely low market volume of 163 million all shares indicating the cautious approach of the investors on the back of uncertain political scenario prevailing in the country after drop scene of Panama Case. Azgard nine was however the volume leader of the day with a trade of 15 million shares to its credit. The other two volume leaders were including the Bank of Punjab and TRG with trade volumes of 11.41 million and 8.75 million shares to their credit respectively.
The sluggish trend had an impact on the stocks of 310 companies closed as a losers while meely stocks 44 companies were the gainers.
Meanwhile the cement and steel sectors which are the choice stocks for the investors owing to development activities going on across the country, the cement sector however according to the latest data revealed by PBS, cement prices in North have decreased where KPK and Punjab prices declined by PKR22/bag and PKR15/bag, respectively. The decline in prices has taken the investors by surprise since the cement prices in North were anticipated to remain stable post pass on of FED where prices increased by PKR26/bag (average) on Jun 8, 2017. The cement prices in the South however remained stable so far.

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