KSE-100 closes below 47,000 after over 500-point fall

The KSE-100 came under severe pressure on Thursday, losing over 500 points and finishing below the 47,000 level as disappointing trade figures, and pressure on the rupee contributed to negative sentiment at the Pakistan Stock Exchange (PSX).

At close, the KSE-100 finished with a fall of 510.4 points or a retreat of 1.08% to settle at 46,903.06. This is the first time the index has closed below 47,000 in over two weeks.

The market has been under pressure for the past couple of months as absence of positive triggers, uncertainty over the geopolitical situation and disappointing trade figures have hurt sentiment.

On Thursday, the refinery sector was in the green, however, as the Ministry of Energy (Petroleum Division) has finalised the modified draft Refinery Policy 2021 after incorporation of the recommendations of Cabinet Committee on Energy (CCoE), reported Business Recorder.

Refinery policy: modified draft finalised

A number of key developments are also expected this month, which are likely to impact the trajectory of the KSE-100, including the sixth review of the IMF. In addition, the MSCI decision is also expected this month on Pakistan's status as an emerging market.

Sectors contributing to the performance on Thursday included banks (-138pts), cement (-125pts), fertiliser (-43pts), E&P (-38pts) and technology (-32pts).

Volume on the all-share index increased from 536.64 million on Wednesday to 544 million on Thursday. The value of shares traded during the session was also higher, going up to Rs16.07 billion from Rs14.37 billion on Wednesday.

Range-bound session as KSE-100 ends nearly flat

Ghani Global Holdings was the volume leader with 57.97 million shares, followed by WorldCall Telecom with 53.34 million shares, and Azgard Nine at 42.16 million shares.

Shares of 530 companies were traded on Thursday, of which 139 registered an increase, 363 recorded a fall, while 28 remained unchanged.