Pakistani stocks nosedive after rupee slides against USD

Islamabad, July 16 (IANS) The Pakistan Stock Exchange (PSX) fell sharply on Monday as investors resorted to panic selling after Pakistani rupee slumped to a record low against the US dollar in the money market, fanning concerns over the health of the country’s economy.

The Pakistan Stock Exchange’s benchmark KSE 100-Index plunged by 1.50 percent or 605.23 points to close at 39,665.77 points on Monday when compared with a closing of 40,271.00 points reported on Friday, reported Xinhua news agency.

The key index is currently trading 24.98 percent or 13,210.69 points below its all-time historic peak of 52,876.46 points achieved on May 24, 2017.

The main index has declined by 1.99 percent or 805.71 points since the start of the ongoing year whereas it has lost 14.82 percent or 6,899.52 points since July 1, 2017. The top Pakistani equity market has plummeted by 5.36 percent or 2,245.13 points since July 1, 2018.

During Monday’s trading session, the main index moved in a healthy range of 1,068.49 points as it touched an intra-day high of 40,464.86 points as against an intraday low of 39,396.37 points.

The KSE All-Share Index shrank by 1.51 percent or 444.04 points to close at 28,920.02 points, the KSE 30-Index dipped by 1.68 percent or 333.50 points to end at 19,531.94 points, the KMI 30-Index nosedived by 1.73 percent or 1,159.58 points to conclude at 65,975.10 points, whereas the Islamic All-Share Index trimmed down by 1.23 percent or 241.95 points to finish the trading session at 19,476.43 points.

Market analysts told Xinhua that the market was already under the influence of the latest rate hike by the State Bank of Pakistan but the rapidly falling local currency brought an additional wave of panic to the trading hall.

Market volumes expanded by 18.22 percent or 22.730 million shares to 147.480 million shares on Monday when compared with a trading of 124.749 million shares reported on Friday.

Among 348 active scrips on Monday, the prices of 236 issues declined, 83 advanced, whereas values of 29 other companies stayed unchanged at the previous week’s levels.(IANS)

Congress is in grip of ‘Urban Naxals’: PM Modi

Jaipur: Prime Minister Narendra Modi on Sunday said that Congress is in the "grip" of “Urban Naxals” and is “trapped” in the “clutches” of Leftists. “Those who are leaving Congress...

Congress made the nation hollow, now country punishing party for its sins: PM Modi says in Rajasthan

Jaipur: Launching a scathing attack on the Congress, Prime Minister Narendra Modi on Sunday said that the people of the country are punishing the grand old party for its sins...

Mayawati accuses MP of betrayal, stresses BSP will work to stop oppression of Muslims

Amroha (UP): Bahujan Samaj Party (BSP) President Mayawati, on Sunday, accused sitting MP Danish Ali who after being suspended from BSP, is now contesting on a Congress ticket, of betraying...

14 Palestinians killed in ongoing Israeli operation in West Bank

Ramallah: At least 14 Palestinians have been killed during an ongoing Israeli military operation for the third consecutive day in the city of Tulkarm and the refugee camp in the...

Israel PM denounces US plan to sanction IDF unit

Tel Aviv: Israel Prime Minister Benjamin Netanyahu has denounced the move by the US government to issue sanctions to the Netzah Yehuda battalion of the Israel Defense Forces (IDF). The...

There is a conspiracy to kill CM Kejriwal in prison: Delhi Minister Saurabh Bharadwaj

New Delhi: Following the row over the health of incarcerated Delhi Chief Minister Arvind Kejriwal, the AAP on Sunday alleged that there is a conspiracy to kill the CM in...

Foundations of India stand at threshold of ‘destruction’: Priyanka Gandhi

Thiruvananthapuram, April 20 (IANS) Congress General Secretary Priyanka Gandhi on Saturday said that the foundations of the country stand at the threshold of "destruction" under the BJP government. “Our country...

Delhi court reserves order on Sisodia’s regular bail pleas; he withdraws interim plea to campaign for LS polls

New Delhi: AAP leader and former Delhi Deputy Chief Minister, Manish Sisodia, on Saturday withdrew his interim bail application to campaign for his party for the forthcoming Lok Sabha polls...

Bengal school job case verdict by Calcutta HC Bench on Monday

Kolkata: A Special Division Bench of Calcutta High Court will pronounce its verdict in the case related to irregularities in recruitment of teaching and non-teaching staff in government schools by...

At Nanded, PM Modi takes on Cong for 1984 riots; highlights his govt’s relationship with Sikh community

Nanded: As he highlighted several significant initiatives that his government has taken for the welfare of Sikhs, Prime Minister Narendra Modi on Saturday slammed the Congress, saying that the party...

Congress party’s ‘Yuvraj’ will contest from one more seat: PM Modi

Thiruvananthapuram: Prime Minister Narendra Modi has said that the Congress party’s ‘Yuvraj’ will contest from one more seat. Referring to Rahul Gandhi, PM Modi said this while speaking to Asianet...

UN chief calls for end to cycle of retaliation in Middle East

United Nations: UN Secretary-General Antonio Guterres has called for an end to "stop the dangerous cycle of retaliation in the Middle East," said his Spokesman. "The Secretary-General reiterates that it...

Read Previous

Environment:–SC seeks experts, environmentalists’ report on reducing garbage at landfill sites

Read Next

Governance–Finance Commission may incentivise states for better population management

Leave a Reply

Your email address will not be published.

WP2Social Auto Publish Powered By :