KSE-100 Index nosedives over 1000 points

Pakistan Stock Exchange benchmark KSE-100 Index nosedived over 1000 points on Monday.

At the time of filing this report, the index was being traded 38,976.07 points showing a drop of 1,094.76 points and a percentage change of negative 2.73 percent.

The KSE 100-share index fluctuated due to bearish trading in Pakistan’s stock market. The drop in KSE 100 index can be attributed to a significant fall in oil prices after the announcement of Trump being tested positive for COVID-19.

According to Arif Habib Limited, the market closed at 39,072.47, which was the highest single day decline after 21st April 2020. The market recorded a decrease of -998.36 points or 2.49%.

Market has also declined 8.4% since its recent high of 42,647 on the 10th of September 2020. Traded volume increased by 19% DoD to 540 million shares and traded value rose by 1% DoD to Rs.12.6 billion.

At close, Hascol Petroleum continues to be the volume leader with 60.2 million shares, losing Rs1.30. It was followed by Unity Foods Limited with 31.9 million shares, losing Rs1.10, and K-Electric Limited with 29.1 million shares, losing Rs0.29.