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Business & Finance

KSE-100 plummets over 600 points as negative sentiment prevails

*Benchmark-100 index falls 1.3% on Monday, but manages to close above 47,000
Updated 28 Jun, 2021

The KSE-100 Index plummeted 601.01 points on Monday, barely managing to close over the 47,000 level as the decision to retain Pakistan on the Financial Action Task Force’s (FATF) increased monitoring list (grey-list) and news of a potential downgrade to Frontier Markets took toll on investor sentiment.

At close, the KSE-100 Index, a benchmark for market performance, finished at 47,002.35, a decrease of 1.26% or 601.01 points. The KSE-100 also hit an intra-day low of 46,900.

KSE-100 loses 359 points as FATF concern keeps investors jittery

Since Friday, market participants have had to bear negative triggers such as MSCI beginning consultation on a proposal to downgrade Pakistan from Emerging to Frontier Markets, only a few years after reclassification.

In addition, FATF also announced retaining Pakistan on the grey-list, much to the surprise of the government. A widening current account deficit, which clocked in at $632 million in May 2021, and rising oil prices further dented sentiment with the KSE-100 falling to a one-month low.

Pakistan to stay on FATF’s ‘grey list’

Volume on the all-share index decreased from 761.4 million shares on Friday to 655.12 million on Monday. The value of shares traded during the session clocked in at Rs18.9 billion.

WorldCall Telecom was the volume leader with 98.9 million shares followed by Byco Petroleum with 52.86 million shares, and Jahangir Sidd(R) at 50.36 million shares.

Shares of 416 companies were traded on Monday, of which 78 registered an increase, 315 recorded a fall, while 23 remained unchanged.

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