Pakistan’s benchmark index suffered a sharp decline on Monday, plunging by 1,264.79 points (-1.12%) to settle at 111,986.88. The drop came amid a lack of positive triggers, a bank holiday, and the first trading session of Ramadan, which led to subdued market activity and cautious investor sentiment.
The index experienced a gradual decline throughout the session, with commercial banks, technology and communication, and oil and gas exploration companies being the major contributors to a 498-point loss. Market experts pointed to lower-than-expected corporate earnings, particularly from ENGROH, which alone wiped out 424 points from the index. The impact of shorter trading hours also added pressure, limiting overall market participation.
Despite the downturn, trading volume stood at 207 million shares, with a total market turnover of Rs11.8 billion. The most actively traded stock was NBP, which led the session with 23 million shares exchanged. Analysts remain cautious about the near-term outlook, citing a lack of strong buying interest and ongoing economic uncertainties that could further impact investor confidence in the coming days.
