KSE-100 under pressure, loses 366 points

The KSE-100 suffered a 366-point fall on the opening day of the week, but still managed to stay above the 47,000 level amid much lower volumes.

The index opened positive, going above 47,600 but came under selling pressure soon enough with disappointing financial results taking toll on investor sentiment. The KSE-100 has stayed in the range of 47,000-48,000 for around a month now.

At close on Monday, the KSE-100 finished with a fall of 366.33 points or 0.77% to end at 47,123.62.

“During the session, LUCK announced its consolidated FY21 EPS of 70.69 (below analyst expectations) after which the stock closed at 856.96 (down 1.79%) as investors seemed disappointed over no payout. Moreover, UBL announced its 1HCY21 EPS of 12.16 (above analyst expectations) along with a cash dividend of PKR 4/ share due to which the stock closed at 127.47 (up 0.62%),” said Topline Securities in its post-market comment.

Sectors putting the KSE-100 under pressure included cement (88.25 points), technology and communication (67.27 points), and fertiliser (30.60 points).

Volume on the all-share index reduced significantly from 499.73 million on Friday to 337.29 million on Monday. The value of shares traded during the session declined to Rs11.33 billion, from Rs13.65 billion on Friday.

WorldCall Telecom remained the volume leader with 42.22 million shares, followed by Fauji Foods Ltd with 17.40 million shares, and Ghani Global Holdings at 17.33 million shares.

Shares of 469 companies were traded on Monday, of which 73 registered an increase, 372 recorded a fall, while 24 remained unchanged.