KARACHI: The Pakistan Stock Exchange on Friday lost 40,000 mark as the benchmark KSE 100-share Index dropped 860.77 points or 2.15% to settle at 39,226.35 after arrest of Opposition Leader Shehbaz Sharif by the NAB authorities in Ashiana-e-Iqbal Housing Scheme case.
Earlier, the market lost 745 points before midday break and down by 1,057 points in intra-day trading.
When trading resumed after the midday break, a slight ascent was witnessed, but it was short-lived as news of Shehbaz Sharif being taken into custody added fuel to the bearish sentiment.
In the second half, the market took a further dip when NAB detained PML-N President Shehbaz Sharif in the Rs14 billion Ashiana-e-Iqbal Housing Scheme case.
Cherat Cement (-4.62%) and Maple Leaf Cement (-4.85%) closed near their lower limits whereas DG Khan Cement (-3.27%) and Lucky Cement (-2.60%) were also in the red. In the financial sector, United Bank (-3.63%) was the major laggard.
Overall, trading volumes increased to 154.1 million shares compared with Thursday’s tally of 110.5 million. The value of shares traded during the day was Rs5.4 billion.
Shares of 367 companies were traded. At the end of the day, 43 stocks closed higher, 311 declined and 13 remained unchanged.
WorldCall Telecom was the volume leader with 9.3 million shares, gaining Rs0.04 to close at Rs1.68. It was followed by The Bank of Punjab with 8.8 million shares, losing Rs0.29 to close at Rs10.97 and Pakistan International Bulk Terminal with 8 million shares, losing Rs0.66 to close at Rs9.90.
