KSE-100 index declines by 163 points on widening CAD

KSE-100 index declines by 163 points on widening CAD

KARACHI: The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Tuesday declined by 163 points owing to the widening of the Current Account Deficit (CAD).

The benchmark index closed at 44,177 points as against the previous day’s close of 44,340 points.

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Analysts at Arif Habib Limited said that the market remained choppy today as CAD numbers increased to $1.9 billion during November 2021.

On YoY basis, the primary reason behind the deficit was 57 per cent YoY increase in total imports to $7.3 billion. Profit-taking occurred in the first trading hour then the market battled between the bulls and bears throughout the day. Volumes remained on the dull note whereas activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

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Sectors contributing to the performance include E&P (-57 points), Commercial Banks (-51 points), Fertilizer (-45 points), Cement (-39 points) and OMC’s (-14 points).

Volumes decreased from 238.5 million shares to 223.1 million shares (-6.4 per cent DoD). Traded value also decreased by 7.6 per cent to reach US$ 48.8 million as against US$ 52.8 million.

Stocks that contributed significantly to the volumes include WTL, TRG, CNERGY, FFL and TELE.

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