The KSE-100 Index started trading on a bearish note taking another downward plunge of 536 points ( 1.09% ) to close at 48,655.72.
Volumes were led by the engineering sector, followed by refinery and commercial banking stocks, as the benchmark index dropped below 49,000 points .Volumes plunged to 50 million shares, with a total worth of only Rs4.99 billion.
Aisha Steel Mill was the volume leader with 10.6 million shares traded, gaining Rs0.74 to close at Rs22.74. This was followed by Pak Refinery with 9.98 million shares, losing Rs3.14 to close at Rs59.73.Dost Steels Limited had a trading volume of 9.01 million shares, losing Rs0.04 to close at Rs14.12.
Analysts attribute the decline in index to sharp decrease in global oil prices. The KSE-100 index has witnessed a setback of 3% since hitting the peak at the end of January. Low investor confidence owing to the regulatory crackdown, multiple brokerage house default scams and the pending Panama verdict case against the Sharif family have all contributed to the benchmark index closing in the red.
Overall, stocks of 384 companies were traded on the exchange, 77 of these gained in value, 290 declined and 17 remained unchanged.
