As expected, PSX bearish trend continued on the first day of week as benchmark KSE-100 lost 775 points and closed at 39,112.18
Market saw a high of 39,888 and a low of 38,778.68. At one point index was down by 963 points at 38,924.
Oil stocks were down as well due to falling oil prices. The benchmark WTI oil price has fallen more than four per cent since last Friday to $34.5 per barrel, extending losses to approximately 12pc.
The rise of Covid-19 cases in the country and fear of lockdowns has also contributed in the decline. According to National Command and Control Center, 1,123 people tested positive for the virus on November 1 out of a total of 27,953 tests conducted – which translates into a positivity rate of 4.02pc.
Global coronavirus cases surpassed 500,000 last week with Europe crossing the bleak milestone of 10 million total infections. The United Kingdom is grappling with more than 20,000 new cases a day while a record surge of U.S. cases is killing up to 1,000 people a day.
Commercial banks were among the top losers, followed by oil and gas exploration companies, cement, and oil and gas marketing companies.