Stocks tumble 404 points on falling rupee

A bearish trend prevailed on the Pakistan Stock Exchange on Monday with equities trading on the lower side throughout the trading session. Topline Securities said the dollar traded at over Rs300 in both open and kerb markets while continuous uncertainty on the International Monetary Fund loan programme as well as growing noise on the political front were the likely reasons for negative sentiments. Selling pressure was witnessed in the exploration and production sector, which could be attributed to a decline in international oil prices. Arif Habib Ltd said trading volume remained sluggish across the board, with third-tier shares leading the pack. As a result, the KSE-100 index settled at 41,195.07 points, down 404.12 points or 0.97 per cent from the preceding session. The overall trading volume decreased 18.8pc to 97.8 million shares. The traded value went down 13pc to $10m on a day-on-day basis.