Stock market plunges 500 points on Monday

KARACHI: In Friday’s trading session, the Pakistan Stock Exchange’s benchmark KSE-100 index concluded at 66,130.02, marking an impressive gain of 679.83 points, or 1.04 percent.

However, Monday saw the index plunge by nearly 500 points, before noon.

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The share market posted quick gains to reach 66,586.61 points early in the morning, only to deteriorate to 65,591.72 points by noon.

Despite the plunge, the energy companies seemed to stay in the green while the index slowly deteriorated overall.

On Friday, the index was lent strength through the successful acquisition of Telenor by PTCL, valued at approximately $400 million. However, Monday opened with political turbulence over the weekend which could have shocked the investor sentiment.