It was a blood bath in the Pakistan Stock Exchange as KSE-100 index saw a decline of 1300 points to end the day on 39,888. In the afternoon, index was seen trading at 39,801.1 points.
This comes after National Command and Control Centre (NCOC) enforced restrictions and made face masks mandatory in public places. It also made it compulsory for all shops, markets, and restaurants in 11 major cities, including Karachi, Lahore, and Islamabad, to shut down by 10pm.
The second lockdown imposed in the European Countries this week also prompted a sell off in international equity market.
In the last three days, foreign investors have sold shares worth $15.85 million. Latest data released by the National Clearing Company of Pakistan showed foreign sellers offloaded their positions in cement, oil and gas exploration, and commercial bank stocks.
Volumes were lead by Unity Foods Ltd, with 60,361,500 shares traded. Maple Leaf Cement Factory Ltd (MLCF) with 39.093 million shares, Pakistan International Bulk Terminal (PIBTL) with 38.60 million shares, Hascol, and Fauji Cement Company Ltd (FCCL) with 34.486 million and 26.403 million shares respectively.
Unity was down 0.17, trading at Rs23.00; MLCF was down 0.03, trading at Rs 42.60.70; PIBTL was down 40.87, trading at Rs 12.39; Hascol was down 1.05, trading at Rs 12.39 while FCCL was down 0.27, trading at Rs21.34.
Experts are of the view that this trend will continue in the coming days.