KARACHI: Panic-selling ensued on the stock market on the first session of the week where the benchmark KSE-100 index plunged 991.53 points (1.98 per cent) to close at 48,972.24.

The market opened on a positive note, adding 378 points to the index as heavyweight OGDC gained on the back of the news that Cabinet Committee on Privatisation had put a hold on five per cent divestment of government`s holding in the company.

But the investors were soon gripped with panic on President Donald Trump executive order banning citizens f rom seven Muslimmajority countries from entering the US, followed by White House Chief of Staff hinting that the ban could extend to Pakistan inthe near future.

Additional pressure during the second half stemmed from notices on the PSXwebsite regarding suspension of trading terminals of certain brokers due to their non-compliance with CDCregulations.

Already at the edge of their nerves after the index had mounted the 50,000level, investors decided to take profit. The selling intensified as heavily leveraged investors struggled tomeet margin calls. The indexlifted abitaftermarking a trough of -1,127 points.

Aggregate of 52 stocks hit their lower limits during the day, but interestingly 21 stocks also leapt to their upper limits; the latter mostly the second and third tier stocks that dominated trading volumes on Monday.

Contribution to the index upside came from OGDC rose 1.55pc, ISL 4.89pc, JDWS 2.47pc, PPL 0.16pc and COLG 1.17pc.

Although selling pressure was witnessed across the board, major losers that impacted the index included LUCK down 3.12pc, HUBC 2.86pc, UBL 1.78pc, DAWH 3.87pc and MCB 1.65pc, which together took away 242 points. Fauji Fertiliser Bin Qasim announced results of earning per share at Rs0.24 for 2016 which was considered below market expectations. The scrip closed at its lower limit of 5pc.