KSE-100 index sheds 282 points on PKR depreciation

KSE-100 index sheds 282 points on PKR depreciation

KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 282 points on Thursday on depreciation of Pak Rupee (PKR).

The index closed at 46,348 points as against previous day’s closing of 46,630 points, showing a decrease of 282 points.

Analysts at Arif Habib Limited said that the market opened on a positive note but remained dull in the first half of the market.

Concerns on inflation and weakening of Pak Rupee against dollar created uncertainty for investors to take fresh positions, which eventually resulted in a profit-booking scenario of last day positions in the second half session.

Accumulation was witnessed in the banking sector as market participants eyeing rate hike in the upcoming monetary policy.

Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, institutional activity remained lackluster.

Sectors contributing to the performance include Commercial Banks (-60 points), E&P (-55 points), Technology (-40 points), Cement (-37 points) and Engineering (-19 points).

Volumes decreased from 320.3 million shares to 269.5 million shares (-15.9 percent DoD). Traded value also decreased by 11 per cent to reach US$ 54.5 million as against US$ 61.2 million.

Stocks that contributed significantly to the volumes include GGL, SERF, TELE, TPLP and WAVES.

Leave a Reply

You have to agree to the comment policy.