Pakistan Stock exchange’s benchmark Kse-100 index has plummeted over 3.3% to close at 30, 579.15 points, shedding 1042.64 points from the last session. Last week KSE-100 index rebounded with a 12.5% jump – the highest weekly return. The KSE-100 index posted gains of 3,512 points to settle at 31,622 point by Friday, but lost the momentum on Monday amid technical correction and profit taking. Selling pressure was witnessed across the board while Exploration and production stocks held some ground and registered decent volumes in range-bound activity. BMA Capital Management’s senior vice president IrfanSaeed noted albeit the correction was due after index registered its best weekly gain since 2000, but doubts over the fate of economy proved to be detrimental, as fears over corona virus mounts. He added the euphoria witnessed last week on the back of prime minister’s assurance to the construction sector for an economic relief package coupled with Moody’s rating agency’s upbeat statement about measures taken by the State Bank of Pakistan to cut the key policy rate and cushion banks’ asset quality and lending business, which sparked institutional interest, has fallen flat. The selloff was furthered driven by the news flow regarding a delay in release of third tranche by IMF, amounting $450 million of the total $6 billion under the Extended Fund Facility. The Index traded in a range of 1415.62 points or 4.48 percent of previous close, showing an intraday high of 31,915.41 and a low of 30,499.79. According to data compiled by the National Clearing Company of Pakistan, Foreign institutional investors were net sellers of Rs954.6 million worth of shares during the trading session. Sector wise, the index was let down by Commercial Banks with 297 points, Fertilizer with 143 points, Cement with 121 points, Power Generation & Distribution with 93 points and Oil & Gas Marketing Companies with 62 points. Among the companies, most points taken off the index was by Habib Bank Limited which stripped the index of 80 points followed by Muslim Commercial Bank with 71 points, HUBC with 62 points, ENGRO with 57 points and United Bank Limited with 56 points. Sectors that cushioned the index were Tobacco adding 22 points, Textile Spinning with 2 points, Sugar & Allied Industries with 1 points and Real Estate Investment Trust with 1 points. Among the companies, most points added to the index was by Oil and Gas Development Company Limited which contributed 33 points followed by Pakistan Tobacco Company Limited with 22 points, Bank Al Habib Limited with 10 points.