Pakistan stocks slide below 30,000 level

KARACHI: The benchmark KSE-100 index extended losses dipping 539 points (1.8 per cent) to close at 29,783, falling below the psychological level of 30,000.

The markets were affected by the ongoing political compression over the Kashmir issue with the arrest of PML-N Vice President Maryam Nawaz Sharif further fuelling uncertainty.

Energy stocks emerged as the major laggards after the Oil and Gas Development Company (OGDC) declined 3.2pc, Pakistan Petroleum Ltd 2.4pc and Pakistan Oilfields Ltd (POL) 5pc as international oil prices slumped on the back of bleak demand outlook amid US-China trade war.

Banking, power, cement, fertiliser, and food sectors were hammered by investors cumulatively taking away 354 points away from the index.

Among participants, local investors emerged as net sellers during the day offloading their positions by $0.54 million led by mutual funds which decreased their position by $4.6m. Foreigners, on the other hand, closed the session with the net buy of $0.43m.

The volume, led by cement sector with 15.2 million shares traded, jumped up significantly by 66pc to 108.7m shares, from 54.3m whereas traded value also increased by a massive 58pc to $27.4m, from 17.4m. Stocks that contributed significantly included K-Electric, Unity Foods, Maple Leaf Cement, Lotte Chemical and International Steels making up for 31pc of the total turnover.

Stocks that contributed negatively included Habib Bank, down 55 points, POL 54 points, OGDC 53 points, MCB Bank 51 points and Hub Power Company 43 points. On the flip side, gainers were Engro Fertiliser, adding 24 points, Nestle Pakistan 14 points, Pakistan State Oil six points, Shifa Int. Hospitals five points and Kohinoor Textile Mills Ltd four points.