KSE-100 index down by 143 points as confusions prevail

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KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended down by 143 points on Friday owing to confusions over rupee devaluation and monetary policy announcement.

 

 

The index closed at 40,496 points as against 40,638 points showing a decline of 143 points.
Analysts at Arif Habib Limited said that the last trading day of the month brought anxiety for the investors.

Rupee’s plunge to 144 and then recovery towards 134.5 caused a lot of confusion among the investors, especially on a day when MSCI rebalancing was scheduled and Monetary policy is also scheduled to be announced.

MSCI excluded stocks LUCK and UBL generated significant volumes today. Trading activity in last half hour caused the market to move from ~-250 points to ~+60 points.

However, final closing was recorded at -145 points. Cement, Autos, Refinery, Steel closed in red except for MSCI stocks and some blue chips including LUCK, UBL, MCB, OGDC, PPL, POL.

Sectors contributing to the performance include Cement (-145 points), Fertilizer (-75 points), O&GMCs (-52 points), Engineering (-30 points), Pharma (-26 points), E&P (+207 points), Banks (+62 points) and Tobacco (+21 points).

Volumes increased significantly from 97 million shares to 271 million shares (+178 percent DoD).

Average traded value also increased by 385 percent to reach $ 171 million as against $ 35.4 million.

Stocks that contributed significantly to the volumes include UBL, BOP, FCCL, LUCK and PAEL reflecting 44 percent of total volumes.

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