Pakistan’s benchmark KSE-100 index plummeted 11,015.96 points on Monday, closing deep in the red. The decline of 6.99 per cent from the previous close of 157,496.10 points dragged the index down to 146,480.14 points by the closing bell. At close, trading volume stood at 378,012,095 shares, with a total value of Rs33,004,278,586. The market’s heaviest movers were led by K-Electric Limited, which tumbled 7.81pc to Rs7.20 on 127,469,387 shares. First National Equities Limited saw a sharper drop, plunging 12.21pc to Rs1.15 on 33,608,420 shares, while The Bank of Punjab slumped 10.01pc to Rs25.45 on 33,386,862 shares. Trading was temporarily halted around 9:20am after the index dropped 9,780.15 points, prompting a market suspension. A notice from the Pakistan Stock Exchange said the halt was triggered when the KSE-30 index fell 5pc from the previous day’s close. In accordance with PSX regulations, all equity-based markets were suspended. When trading resumed, the index fell further, recording a decline of 13,157.6...
Following an early crash and a temporary market halt, the KSE-100 benchmark index resumed trading, recovered slightly by midday, but plunged sharply by 16,089.17 points, posting its largest-ever single-day decline. As trading began Monday following a weekend marred by geopolitical instability, the market crashed by over 15,000 points, causing the Pakistan Stock Exchange (PSX) to halt trading. According to Chief Executive Officer Topline Securities Mohammed Sohail, the “market overreacted initially amid selling by a few funds and leveraged players”. As trading resumed around 10:30am, the index was down 12,334.88 points from its previous close of 168,062.16 points, marking a fall of 7.34 per cent. Sohail added that after the halt, some buying was seen as investors realised the market had already fallen by 20pc from its recent peak and had attractive values. By 11:07am, the market recovered more, with the index down 9,164.62 points, marking a fall of 5.45pc. However, by closing the index hit 151,972.99 points, s...