Connect with us

Hi, what are you looking for?

Online Business Success

KSE-100 retreats, succumbs to selling pressure


— AFP/File
— AFP/File
  • Benchmark KSE-100 index falls over 280 points to settle at 46,348.18 points.
  • Investors turn wary due to a delay in the $6 billion IMF programme which was expected to resume last week.
  • Sectors contributing to the performance included commercial banks, exploration and production, technology, cement and engineering.

After a day’s respite, the market once again succumbed to selling pressure due to concerns regarding soaring inflation and expected policy rate hikes.

Investors turned wary due to a delay in the $6 billion International Monetary Fund (IMF) programme which was expected to resume last week.

Furthermore, the market participants also kept their eyes on the rupee-dollar parity and soaring inflation which will justify the central bank’s stance if it increases the policy rate in its next meeting scheduled to be held on November 26.

At close, the benchmark KSE-100 index fell 281.70 points, or 0.60%, to settle at 46,348.18 points.

Benchmark KSE-100 intra-day curve. — PSX data portal
Benchmark KSE-100 intra-day curve. — PSX data portal

A report from Arif Habib Limited (AHL) noted that the market opened on a positive note but remained dull in the first half session of the market.

“Concerns regarding inflation and weakening of Pakistani rupee against the US dollar created uncertainty for investors to take fresh positions, which eventually resulted in profit-booking scenario of last day positions in the second half session,” it said.

The report added that accumulation was witnessed in the banking sector as market participants are eyeing the rate hike in the upcoming monetary policy.

“Activity continued to remain side-ways as the market witnessed hefty volumes in the third tier stocks,” the brokerage house said, adding that on the flip-side, institutional activity remained lacklustre.

Sectors contributing to the performance included commercial banks (-60 points), exploration and production (-55 points), technology (-40 points), cement (-37 points) and engineering (-19 points).

Advertisement. Scroll to continue reading.

During the session, shares of 352 listed companies were traded. At the end of the session, 95 stocks closed in the green, 232 in the red, and 25 remained unchanged.

Overall trading volumes dropped to 269.5 million shares compared with Wednesday’s tally of 320.3 million. The value of shares traded during the day was Rs9.5 billion.

Ghani Global Holdings was the volume leader with 30.2 million shares, losing Rs1.05 to close at Rs32.19. It was followed by Service Fabrics with 20.5 million shares, gaining Rs0.65 to close at Rs12.09, and Telecard Limited with 14.3 million shares, losing Rs0.34 to close at Rs18.97.



Source link

Click to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Advertisement

Latest

Online Business Success

— AFP/File Benchmark KSE-100 index falls over 280 points to settle at 46,348.18 points. Investors turn wary due to a delay in the $6...

Top Stories

Bitwise Asset Management has withdrawn its application for a Bitcoin (BTC) futures-based exchange-traded fund (ETF) amid a number of such products launching in the...

Top Stories

Blockchain data provider Nansen has announced the planned integration of a Solana dashboard to provide extensive insights to institutional and retail investors seeking to...

Technology

Source: Christopher Close / iMore There’s so much to consider when it comes to smart home tech that just getting started can be a...

Social Media

Twitter has announced a new video content deal with ViacomCBS, which will see Twitter host streaming content from the network’s stable of TV shows...

Top Stories

The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the...

Loan And Finance

QBE European Operations is part of QBE Insurance Group, one of the world’s leading international insurers and reinsurers and Standard & Poor’s A+ rated....

Top Stories

In Nigeria, commercial banks have begun monitoring accounts that appear to be utilized for cryptocurrency trading. The action is in response to an order...

Advertisement

You May Also Like

SEO Guide

Want to rank in Google image search? Images that you use as a featured images when writing a post actually appear on Google Images...

Blogging

In this post, I will discuss the top ten profitable blogging niches ideas for Adsense approval and high traffic. whether you use Blogger or...

Online Business Success

Carrying Credit Card Debt Isn’t Just Bad for Your Budget. It May Also Affect Your Health. The stress of carrying card debt through adulthood...

Technology

Sonos is one of the most popular wireless speaker brands in the world, and for good reason – its range of portable Bluetooth speakers,...

Advertisement