AVN 49.59 Decreased By ▼ -1.26 (-2.48%)
BAFL 28.70 Decreased By ▼ -0.16 (-0.55%)
BOP 3.68 Decreased By ▼ -0.02 (-0.54%)
CNERGY 3.30 Decreased By ▼ -0.01 (-0.3%)
DFML 11.14 Increased By ▲ 0.14 (1.27%)
DGKC 52.79 Decreased By ▼ -0.33 (-0.62%)
EPCL 44.20 Increased By ▲ 0.19 (0.43%)
FCCL 12.77 Increased By ▲ 0.17 (1.35%)
FFL 6.29 Increased By ▲ 0.02 (0.32%)
FLYNG 5.99 Decreased By ▼ -0.09 (-1.48%)
GGL 10.54 Decreased By ▼ -0.16 (-1.5%)
HUBC 68.70 No Change ▼ 0.00 (0%)
HUMNL 5.87 Decreased By ▼ -0.13 (-2.17%)
KAPCO 22.66 Decreased By ▼ -0.24 (-1.05%)
KEL 1.85 Decreased By ▼ -0.01 (-0.54%)
LOTCHEM 29.30 Decreased By ▼ -0.22 (-0.75%)
MLCF 28.96 Increased By ▲ 0.01 (0.03%)
NETSOL 77.75 Decreased By ▼ -2.58 (-3.21%)
OGDC 79.01 Increased By ▲ 0.11 (0.14%)
PAEL 9.87 Decreased By ▼ -0.03 (-0.3%)
PIBTL 4.25 Decreased By ▼ -0.08 (-1.85%)
PPL 61.30 Increased By ▲ 0.02 (0.03%)
PRL 14.70 Decreased By ▼ -0.04 (-0.27%)
SILK 1.06 Decreased By ▼ -0.01 (-0.93%)
SNGP 42.43 Decreased By ▼ -0.27 (-0.63%)
TELE 7.19 Decreased By ▼ -0.13 (-1.78%)
TPLP 13.07 Increased By ▲ 0.10 (0.77%)
TRG 97.95 Decreased By ▼ -2.48 (-2.47%)
UNITY 15.15 Increased By ▲ 0.65 (4.48%)
WTL 1.19 Decreased By ▼ -0.02 (-1.65%)
BR100 4,194 Decreased By -18 (-0.43%)
BR30 14,547 Decreased By -57.9 (-0.4%)
KSE100 41,995 Decreased By -148 (-0.35%)
KSE30 14,855 Decreased By -88.6 (-0.59%)
Markets

KSE-100 retreats 0.64% as rupee falls further

  • Weakening macroeconomic cues dent investor sentiment
Published February 3, 2023
Follow us

The Pakistan Stock Exchange (PSX) endured a topsy-turvy trading session on Friday and the KSE-100 Index retreated 0.64% owing to further depreciation in the rupee.

Weakening macroeconomic cues dented investor sentiment and sparked negativity at the equity market.

At the end of the session, the KSE-100 Index was down 262.35 points or 0.64% to close at 40,471.16.

KSE-100 rises 0.28% in volatile session

The day began upward but the market traded in a narrow range in the first session. The second session began with a plunge but the market erased few of the losses before closing in the red.

Index-heavy automobile, cement, banking, oil and fertiliser sectors closed in the red.

A report from Arif Habib Limited (AHL) stated that the week wrapped on a sombre note for PSX, as the market closed in the red at the closing bell.

“The benchmark KSE-100 index had a range-bound opening session as investors’ activity remained sluggish owing to the prevailing ambiguous political environment in the country. The second session began with the same negative sentiments, with the dollar pounding the rupee in the inter-bank market, further eroding investor confidence as the index hit an intraday low of 403.76 points.”

A report from Capital Stake stated that the PSX took a U-turn from the previous session closing last session of the week in red.

“Indices slipped lower and lower for most part of the day while volumes dwindled from previous close,” it said.

On the economic front, foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped a massive $592 million to a mere $3.09 billion, data released on Thursday showed.

This is the lowest level of central bank reserves since February 2014. Total liquid foreign reserves held by the country stood at $8.74 billion.

Moreover, rupee slipped to another all-time low against the US dollar on Friday, closing at 276.58 after a decline of Rs5.22 or 1.89%.

Sectors painting the benchmark KSE-100 index in red included miscellaneous (77.70 points), fertiliser (51.67 points) and banking (43.67 points).

Volume on the all-share index fell to 105.1 million from 124.1 million on Thursday. The value of shares dropped to Rs4.2 billion from Rs6.1 billion recorded in the previous session.

Hub Power was the volume leader with 7.9 million shares, followed by Cnergyico with 7.5 million shares and Dewan Motors with 5.7 million shares.

Shares of 320 companies were traded on Friday, of which 116 registered an increase, 182 recorded a fall and 22 remained unchanged.

Comments

1000 characters

KSE-100 retreats 0.64% as rupee falls further

Intra-day update: rupee largely stable against US dollar

Rs90bn allocated for parliamentarians under SDGs

Oil eases as weaker demand outlook returns to focus

PSDP: Govt takes firm step to revive certain CPEC initiatives

IT exporters, freelancers: 35pc of export proceeds can be retained in special forex accounts: SBP

IK and Qureshi meet, exchange wincing smiles

Finally, JKT launches new party to cash in on IK’s misery

Survey contains details of major socioeconomic indicators: MoF

NEC apprised about the key challenges facing economy

Sustainable Development Achievement Goals Programme: ECC approves Rs27bn supplementary grants