Thursday, August 18, 2022

KSE-100 tumbles 805 points on Rupee devaluation, MPS


Zain Zubair
Zain Zubair is a staff writer for World News Observer. He is studying ACCA in Pakistan. Besides Accountancy and writing pieces, he loves cooking and nature photography. Zain has attended various modern journalism workshops. Contact: [email protected]

Market dropped again in a free-fall fashion with -965pts (-2.9%) amidst negativity from falling rupee against US Dollar and upcoming Monetary Policy to be announced on Monday.

Selling was seen across the board, whereas value buyers sought for deeper discounts. Several stocks hit lower circuits, including SSGC, SNGP, MLCF, DGKC, ISL etc.

Banking sector also turned negative with HBL and UBL showing downtrend. Power Sector saw highest volumes with 20M shares (courtesy of KEL that scored 15M), followed by Banks (12M) and Cement (8M).

The Index closed at 33,167pts as against 33,971pts showing a decline of 805pts (-2.4% DoD).

Sectors contributing to the performance include E&P (-161pts), Fertilizer (-159pts), Banks (-87pts), O&GMCs (-68pts) and Cement (-66pts).

Volumes declined further from 109mn shares to 90mn shares (-17% DoD). Average traded value also declined by 19% to reach US$ 20.8mn as against US$ 25.6mn.

Stocks that contributed significantly to the volumes include KEL, PIBTL, UNITY, BOP and HUBCR, which formed 37% of total volumes.

Stocks that contributed positively include PAKT (+8pts), HMB (+6pts), NATF (+3pts), SCBPL (+2pts) and SPWL (+1pt).

Stocks that contributed negatively include FFC (-64pts), PPL (-57pts), ENGRO (-52pts), OGDC (-42pts) and POL (-37pts).

Read also: Rupee hits historic low against USD

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