KARACHI - Panic selling witnessed in stocks across the board after PM ordered registering high treason case against former president over breaking constitution under Article 6.

At local equity market benchmark KSE-100 share index misplaced 650.27 points or 3 percent to end the day at 21048.08 points compared to 21698.35 points of the last working day on Friday.

Ahsan Mehanti said fall in global stocks and commodities, limited foreign interest and economic uncertainty played a catalyst role in bearish sentiments at KSE despite rate cut of 50bps by SBP on June 22 and expectations for early resolution of circular debt crisis.

KSE-Allshare index shed by 431.66 point or 2.81 percent to end the day at 14908.33 points, KSE-30 share index decreased by 506.05 points or 3.01 percent while KMI-30 share index lost 1015.94 points or 2.73 percent to conclude the session at 36187.38 points.

The day turnover of stock market in term of shares was 323.161 million shares after opening at 276.686 million shares and the value of traded shares was climbed to Rs 10.543 billion from Rs 9.647 billion. Market capitalisation maintained at Rs 5.127 trillion as compared to Rs 5.275 trillion of the previous session.

Dealers said led by news of foreign selling, local market fell by more than 3pc. Pressure in regional markets affected sentiments of foreign investors. Local investors also remained on the sideline due to news of Musharaf case.

During the session 380 companies participated in the trading where 46 closed in positive and 319 in negative while the value of 15 stocks remained intact. Downhill trend was led by Nestle Pak decreased by Rs 329 to Rs 6251 followed by Colgate Palmolive off by Rs 65 to Rs 1735. Sanofi-Aventis and Crescent Cotton were the top price gainers of the day up by Rs 27.01 to Rs 567.39 and Rs 2.41 to Rs 50.75.

Active list was topped by Fauji Cement with 41.264 million shares as it closed at Rs 13.25 after opening at Rs 13.53. It was followed by Maple Leaf Cement with 24.616 million, PIAC(A) with 21.567 million, Lafarge Pakistan with 14.092 million, JS Company with 13.217 million, TRG Pakistan Ltd with 13.191 million, PTCLA with 12.806 million, Bank of Punjab with 10.782 million, Pace (Pak) Limited with 8.222 million and Wateen Telecom Limited with 7.469 million shares.