KARACHI

The newly-launched Pakistan Stock Exchange on Monday plunged to a 9-month low on geopolitical uncertainty and plunge in WTI crude oil prices below $29/barrel.

The PSX benchmark KSE 100-share index posted a loss of 373.09 points (down 1.20%) to close at 30628. 40 points. The local bourse plunged due to falling global markets and oil prices, observed analyst Hammad Aman at Equity Sales Topline Securities.

Traded volume increased by 53% to 210m shares while traded value increased by 58% to Rs10.5b.

Investors overplayed the threat of cheap Iranian cement influx in Pakistan due to which scripts like MLCF and other cement stocks went down initially but later recovered. MLCF & LUCK closed in green, analyst said.

Above average volume was seen in DGKC where ~10.6m shares traded.

Bearish global equities, surging circular debt in the energy sector, weak data on fertilizers sales, exports played a catalyst role for the bearish close in the earnings announcement session at PSX, stated analyst Ahsan Mehanti.

Major activity was witnessed in the stocks of K-Electric, TRG Pak and DG Cement with traded volumes of 15.8m shares, 14m and 10.5m shares respectively. Out of total 342 traded companies in the session, 227 closed in negative, 98 in advance while 17 remained unchanged.