Pakistan’s benchmark index, the KSE-100, fell by 379 points on Tuesday and closed below the 47,000 level as market participants worried about instability at the exchange.
With a decline of 379.12 points or 0.80pc, the KSE-100 concluded at 46,891.34. The index first rose over 100 points before falling into a slump.
A total of 525 firms had shares traded, of which 102 rose, 411 fell, and 12 stayed the same.
The KSE-100 hit its lowest point during intra-day trade at 46,608.78, losing 662 points before recovering. Mutual fund redemptions were the biggest contributor to the market decline today.
Negative news triggered the decline of PKR parity with USD, the US State Secretary’s hint on a review of US-Pakistan relations, and the awaiting IMF review, all had an impact on the index. The refinery sector was also suffering a loss in the approval of the Refinery Policy. Investors are also nervous about the announcement of monetary policy, which is scheduled for September 20th.
The company reported net profits of Rs873 million (EPS: Rs1.99) for the quarter. This was a dramatic improvement over the Rs308 million loss recorded in the same quarter last year. The benchmark KSE-100 index declined, with sectors including cement (90.02 points), technology and communication (55.76 points), and refineries (49.95 points) leading the way (52.55 points).
The all-share index gained almost 150 million shares on Monday and then rose by about 40 million shares on Tuesday. However, the value of the traded shares decreased during the session, from Rs16.19 billion to Rs15.04 billion.
WorldCall Telecom is in third place with 25.35 million shares, followed by Telecard Limited and Yco Petroleum.
