The KSE-100 Index plunged by 1,076.82 points or 3.21 percent and closed at 32,422.83 points. Trading activities remained low as daily volumes on ready counter decreased to 339.154 million shares as compared to 399.906 million shares traded Monday.
The market capitalization declined by Rs 157 billion to Rs 6.103 trillion. Out of total 339 active scrips, 258 closed in negative, only 70 in positive while the value of 11 stocks remained unchanged.
Maple Leaf was the volume leader with 59.614 million shares however declined by Rs 0.26 to close at Rs 26.79 followed by Fauji Cement that lost 0.72 to close at Rs 16.63 with 24.209 million shares. Philip Morris Pak and Pak Tobacco were the top gainers increasing by Rs 145.48 and Rs 39.99 respectively to close at Rs 2086.99 and Rs 1649.80 while Unilever Foods and Rafhan Maize were the top losers declining by Rs 570.00 and Rs 334.43 respectively to close at Rs 7030.00 and Rs 6535.57.
BR Automobile Assembler Index lost 43.99 points or 0.85 percent to close at 5,125.99 points with total turnover of 2.884 million shares.
BR Cement Index fell by 16.7 points or 0.39 percent to close at 4,215.71 points with 151.444 million shares.
BR Commercial Banks Index decreased by 110.68 points or 1.58 percent to close at 6,893.39 points with 17.821 million shares.
BR Power Generation and Distribution Index declined by 253.21 points or 5.59 percent to close at 4,277.64 points with 13.520 million shares.
BR Oil and Gas Index plunged by 229.63 points or 6.99 percent to close at 3,055.84 points with 44.306 million shares.
BR Tech. & Comm. Index closed at 844.18 points, down 38.42 points or 4.35 percent with 21.383 million shares.
An analyst at Arif Habib Limited said that the market opened negative 478 points and continued the descent throughout the session, which extended to down 1199 points by the end of session. The KSE-100 Index closed down 1078 points.
Concerns raised by IMF over G20 debt relief, announced last week by the government, as well as hinting higher than expected inflation with a caution over the policy rate cut caused the market to panic. In addition, onslaught on WTI and Brent prices in the international market kept the bears active in Oil & Gas scrips, which saw OGD, PPL, POL, PSO, HASCOL on lower circuit breakers by the end of session.
Banking sector stocks also adjusted downward by close. Cement sector saw an initial selling pressure, but rallied on the hint of cement prices to be increased in the coming days. Nonetheless, overall negative sentiment couldn't save cement sector stocks from selling pressure. Cement sector garnered 151.3 million shares in trading volumes, followed by O&GMCs (28.6 million shares) and Technology (21.4 million shares).
Sectors contributing to the performance include E&P (down 288 points), Fertilizer (down 175 points), Power (down 136 points), Banks (down 124 points) and O&GMCs (down 106 points).
Stocks that contributed positively to the index include EFERT (up 24 points), KOHC (up 13 points), CHCC (up 12 points), PAKT (up 11 points) and BAHL (up 11 points). Stocks that contributed negatively include ENGRO (down 129 points), HUBC (down 114 points), OGDC (down 98 points), PPL (down 94 points) and FFC (down 62 points).