KSE-100 index plunges by 290 points to close in red
The non-stop hype created by the continued political din had its impact on the stock market as the KSE-100 Index plunged by 290 points to close in red at 48,680 levels on the first trading session of the week on Monday.
On the back of the political noise which seems to have put the index on a losing streak as the investors preferred to book profits which led to selling pressure in the market amid a thin market volume of 237 million all market shares. However the bank of Punjab was the volume leader of the day with a trade of 26 million shares to its credit.
The other two volume leaders of the day were including Aisha Steel and K Electric with respective trade volumes of 21 million and 16 million shares to their credit. Meanwhile the international oil prices also remained volatile as they were snapped sixth consecutively declined on Friday last and closed at US$48.06/bbl on hopes of extending production cut beyond the mid of the year.
The gains, however, did not last as OPEC-led cuts have been offset by rising drilling activity and oil production in the United States. Furthermore, Baker Hughes reported a rise in U.S. oil rigs by 21 rigs last week, making a total of 652 rigs.