KARACHI -  Bearish spell prevailed at PSX on Monday as bench mark shares index slumped 452 points or (0.95pc) and to close at 47,125 points, as investors likely priced in the worst possible outcome of the Panama case, broker said.

“Today’s Blue Monday-esque closing confirms our view that last week’s relief rally was indeed a dead cat bounce as the index has collapsed to a low of 47,125 points (lowest since December 27, 2016 closing of 46,920 points), pushing year-to-date return to -1.4pc vs MSCI EM’s higher 11.4pc,” said dealers at Topline Securities.

Maximum downside contribution emanated from HBL (slip 1.8pc), ENGRO (3.4pc), FFC (3.8pc), LUCK (1.1pc) & FCCL (3pc), eroding 215 points from the index; while NESTLE (gain 3.7pc), POL (1.4pc), HUBC (0.7pc), NRL (2.6pc) and UBL (up 0.4pc), added 75 points, they added. ATRL (4.9pc) declined on the back of lower than expected 3QFY17 consolidated EPS of Rs6.15, down 74pc QoQ vs Rs23.83 in 2QFY17, as the market was expecting better earnings post completion of refinery upgradation. FCCL reported 3QFY17 EPS of Rs0.5, down -57pc YoY as gross margins contracted 27ppts due to purchase of outsourced clinker post the silo fiasco.

Analyst Ahsan Mehanti said stocks closed sharply lower amid thin trade on concerns for prevailing political uncertainty. Oil stocks outperformed on surging sales data and record earnings announcement by Pak-Oilfeilds for the quarter-end March 2017. Pre budget uncertainty and concerns over impact of Panamagate case decisions played a catalyst role in bearish close. Overall, volumes increased by 23 percent to 154 million shares, while traded value rose by 14 percent at Rs8.2 billion/$78 million.