KSE-100 falls 0.57% amid rupee depreciation

The Pakistan Stock Exchange (PSX) ended the prolonged spell of range-bound trading however, the KSE-100 index receded 0.57% on Thursday as investors remained concerned over depreciation of rupee.

Investor scepticism over receipt of funding from friendly nations also took a toll on trading environment. At close, the KSE-100 Index finished with a drop of 239.73 points or 0.57% to close at 41,772.09.

Trading kicked off on an optimistic note and the market rose for most part of the day however the index reversed its trajectory in final hours and erased all gains to end with a loss.

Index-heavy automobile, cement banks, fertiliser and oil felt the heat of the sell-off and closed in red.

KSE-100 closes flat amid volatile trading

A report from Topline Securities stated that Pakistan equities saw mixed sentiments.

“KSE-100 Index commenced the day on a positive note in anticipation of flows from different bi and multilateral institutions to assist in stabilising the ailing economy of the country,” the statement said.

During the session, the index made an intraday high at 42,312 (+300 points; up 0.71%) where the profit taking kicked in which compelled market towards an intraday low at 41,725 (287 points; down 0.68%) before eventually settled at 41,772 (-240 points; down 0.57%) for the day, it said.

A report from Capital Stake said that bears took control of the PSX on Thursday.

“Indices started out in positive direction then slipped lower and lower towards the end of the session till final closing in red, while volumes increased from last close,” it said.

The Pakistani rupee extended decline for the 10th session and weakened Rs1.57 against US dollar on day-on-day basis to close the session at Rs235.88.

Sectors driving the benchmark KSE-100 Index north included technology and communication sector (70.53 points), power generation and distribution sector (54.41 points) and oil and gas exploration sector (23.90 points).

Volume on the all-share index jumped to 260 million from 156.6 million on Wednesday. On the other hand, the value of shares traded soared to Rs10.1 billion from Rs6.55 billion recorded in the previous session.

TRG Pakistan was the volume leader with 27.4 million shares, followed by WorldCall Telecom with 21.6 million shares and TPL Properties with 21.5 million shares.

Shares of 341 companies were traded on Wednesday, of which 114 registered an increase, 206 recorded a fall, and 21 remained unchanged.