KSE-100 sheds 396pts owing to economic uncertainty

Business Jan, 28 2023
KSE-100 sheds 396pts owing to economic uncertainty
  • 72
  • 0

Karachi: Pakistan Stock Exchange (PSX) KSE-1000 index closed in red as KSE-100 Index dropped nearly 1 percent owing to weak investor sentiment. Weakening macroeconomic cues and persistent political uncertainty kept investor participation low. At end of trading KSE-100 Index closed with loss of 396 points or 0.97 percent at 40,450.53.

Sectors driving benchmark KSE-100 index lower included cement (75.20 points), technology and communication (75.15 points) and fertiliser (71.34 points).

Volume on all-share index nearly halved to 191.3 million from 364.1 million on Thursday. Value of shares plummeted to Rs 7.1 billion from Rs 14.8 billion recorded in previous session.

Pak Refinery was volume leader with 14.2 million shares followed by Cnergyico PK with 13.2 million shares and Fauji Foods with 12.5 million shares. Shares of 333 companies were traded of which 76 registered an increase, 238 recorded fall and 19 remained unchanged. A report from Capital Stake stated “Failing to sustain gains made during day, PSX ended session on Friday in red.” Indices slipped lower and lower for most of day while volumes declined from last close.

“Depreciation of rupee against dollar, depletion of foreign exchange reserves and delay in agreement with IMF were some of major factors which dented investors’ confidence,” it said.

A report from Arif Habib Limited stated that PSX concluded week on mixed note. “Market opened in red zone and traded in same zone with sluggish activity throughout first trading owing to rupee dollar parity and political instability,” it said.

Published in The Daily National Courier, January, 28 2023

Like Business on Facebook, follow @DailyNCourier on Twitter to stay informed and join in the conversation.

NC Big Stories

No relief in sight

The energy crisis in Pakistan is getting worse. Sui Northern Gas has asked for a third hike in gas prices in a year. Its prices are being hiked by 155 percent from July 1. Pri...

Exciting news from Young Omang project!

Karachi: Aahung, alongside Baithak and Wang, is spearheading a crucial advocacy campaign to promote gender equality and empower communities through education. This impactful a...

Perpetrators of Besham attack will be brought to justice swiftly: PM

ISLAMABAD: Prime Minister Shehbaz Sharif instructed for thorough joint investigation into terrorist attack on Chinese nationals, utilising all resources of state. Chairing an...

SSP DISTRICT CENTRAL BRIEFING SESSION

KARACHI: Amid Ramadan, SSP District Central Zeeshan Shafiq Siddiqui during a briefing session to the cops of Shaheen Force District Central directed them to keep a close eye o...

More like this
Related

Oil prices climb as attacks on Russian energy facilities intensify

LONDON: Oil benchmark Brent hovered just under $ 86 barrel mark on Monday extending last week’s gains, as Ukraine increased its attacks on Russian energy infrastructure....

SBP maintains policy rate status quo for sixth straight meeting

Karachi: Monetary Policy Committee (MPC) has decided to keep policy rate unchanged at 22 percent, State Bank of Pakistan (SBP) said, adding that continuity required to bring i...

Zong, JS Zindigi sign accord

ISLAMABAD: Zong 4G and JS Zindigi announced lucrative partnership to offer banking-as-a-service (BaaS) within My Zong App (MZA). JS Zindigi is digital financial services provi...

Monetary Policy Committee to meet on Monday: SBP

Karachi: Monetary Policy Committee (MPC) of State Bank of Pakistan (SBP) will meet on Monday, March 18, 2024 to decide about monetary policy, central bank announced. SBP said...
Need Help? Chat with us