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Bears pull KSE-100 index below 47,000-point mark

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Inventory board on the Pakistan Inventory Trade. — Reuters/File
  • Shares fell over 370 factors to shut the session at 47,891.34 factors on Tuesday.
  • Buying and selling quantity elevated from 395.8 million shares to 479.8 million.
  • Shares of 525 listed firms have been traded. On the finish of the session, 102 shares closed within the inexperienced, 411 within the pink.

KARACHI: Bears staged a comeback on the Pakistan Inventory Trade (PSX) on Tuesday because the benchmark KSE-100 index fell below the 47,000-point mark owing to persistent depreciation of the rupee in opposition to the US greenback.

The Pakistani foreign money misplaced 85 paisas in opposition to the buck and closed at an all-time low of Rs168.94 on Tuesday, which dented traders sentiments in regards to the present account stability.

Moreover, speculations relating to the Worldwide Financial Fund (IMF) evaluation — due later this month — on the $6 billion mortgage programme stopped traders from assuming contemporary positions.

A number of monetary outcomes introduced in the course of the session did not entice market individuals.

A report from Arif Habib Restricted said that the market tumbled at this time primarily as a result of redemptions on the mutual funds’ finish.

“However, unfavourable information relating to a drop in Pakistani rupee in opposition to the US greenback, US State Secretary’s trace on revisiting US–Pakistan relations and the pending IMF evaluation had a bearing on the benchmark index,” it learn.

Promoting was noticed throughout the board with expertise, exploration and manufacturing, cement and metal sectors main the draw back on the index.

The benchmark KSE-100 index shed 379.12 factors or 0.8% on Tuesday, to shut at 46,891.34 factors.

Bears pull KSE-100 index below 47,000-point mark

Sectors contributing to the efficiency included cement (-96 factors), refinery (-52 factors), exploration and manufacturing (-45 factors), expertise (-39 factors) and oil and gasoline advertising and marketing firms (-28 factors).

In the meantime, volumes elevated from 395.8 million shares to 479.8 million shares (+21% day-on-day). Common traded worth, however, declined by 7% day-on-day to succeed in $89 million as in opposition to $95.8 million.

Individually, shares that contributed positively to the index included HBL (+36 factors), Habib Metropolitan Financial institution (+22 factors), Fauji Fertiliser Firm (+9 factors), Dolmen Metropolis REIT (+6 factors) and Packages Restricted (+5 factors). On the flip aspect, shares that contributed negatively have been Fortunate Cement (-44 factors), TRG Pakistan (-24 factors), Oil and Fuel Growth Firm (-23 factors), DG Khan Cement (-19 factors) and Byco Petroleum (-18 factors).

In the course of the session, shares of 525 listed firms have been traded. On the finish of the session, 102 shares closed within the inexperienced, 411 within the pink, and 12 remained unchanged.

Byco Petroleum was the amount chief with 71.7 million shares, dropping Rs0.71 to shut at Rs9.08. It was adopted by Telecard Restricted with 51.4 million shares, gaining Rs0.48 to shut at Rs24.36, and WorldCall Restricted with 25.3 million shares, dropping Rs0.10 to shut at Rs3.20.

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