KARACHI

Stocks fell sharply on the first trading on Monday after major plunge in global crude prices near to $35/barrel. As a result, KSE 100-index posted a loss of 290.69 points or 0.88% and settled at 32757.82 points.

Political controversies on security issues in the Sindh, foreign selling in oil stocks, falling remittances, and weak exports data played a catalyst role in the bearish activity despite expectations for major developments on foreign relations after launch of $10b TAPI pipeline project, observed analyst Ahsan Mehanti.

Following the somber trend in regional markets due to weak global oil prices, the benchmark index ended in negative zone.

Major decline was seen in index heavy oil stocks like, OGDC and PPL which declined by 2.96% and 3.23% respectively, stated Mohammad Rizwan Head of Sales Topline brokerage.

Total volume decreased by 24% to 144m shares while traded value decreased by 6% to Rs7.3b ($69.7m).

The news that the govt is expected to increase consumer gas prices in January 2016 shook investors’ confidence in cement and fertilizer stocks. As a result, LUCK declined by 1.34% while FFC, FFBL went down by 0.19-1.04%, analysts said.

SSGC and SNGPL remained under pressure as investors expect further delay in both companies’ financial accounts.

Major activity wsa witnessed in the stocks of Sui South Gas, BOP and TRG Pak with traded volumes of 22.3m, 14m and 9.8m shares respectively.