business
Friday Oct 22 2021
By
BDBusiness Desk

KSE-100 loses nearly 250 points on FATF decision

By
BDBusiness Desk
— AFP/File
— AFP/File

  • Benchmark KSE-100 index records a decrease of 0.53% to settle at 45,578.36 points.
  • Uncertainty about the ongoing talks between Pakistan and IMF add fuel to the bearish session.
  • Trading volumes drop to 300.7 million shares compared with Thursday’s tally of 338.3 million.


KARACHI: The Pakistan Stock Exchange (PSX) endured a bearish session on the last trading day of the week on Friday as the benchmark index dipped in the wake of the Financial Action Task Force’s (FATF) decision.

Contrary to the market expectation, the FATF retained Pakistan on the grey list, while noting that "good progress" has been made in completing the required action items for removal from the list.

Adding fuel to the bearish session was the uncertainty about the ongoing talks between Pakistan and the International Monetary Fund (IMF) as the Ministry of Finance and Revenue said that a specific time frame cannot be given for the conclusion of the talks.

Moreover, news of a possible increase in the policy rate by the State Bank of Pakistan in its next monetary policy meeting scheduled to be held on November 26 also kept investors on edge.

Benchmark KSE-100 intra-day curve. — PSX data portal
Benchmark KSE-100 intra-day curve. — PSX data portal

The benchmark KSE-100 index recorded a decrease of 243.04 points or 0.53% to settle at 45,578.36 points.

On the financial front, Maple Leaf Cement Factory announced earnings per share (EPS) of Rs0.76 for the quarter ended September 30, 2021, compared to an EPS of Rs0.51 in the same period of the last year. The company posted a profit-after-tax of Rs839 million during the first quarter of FY22.

Meanwhile, in the oil sector, Pakistan Oilfields posted a profit-after-tax of Rs4.73 billion for the quarter ended September 30. Meanwhile, Nishat Power, Attock Cement and Engro Corporation also released their quarterly results posting handsome profits for the quarter under review.

During the session, shares of 346 listed companies were traded. At the end of the session, 129 stocks closed in the green, 208 in the red, and nine remained unchanged.

Overall trading volumes dropped to 300.7 million shares compared with Thursday’s tally of 338.3 million. The value of shares traded during the day was Rs11.8 billion.

Hum Network Limited was the volume leader with 35.9 million shares, gaining Rs0.12 to close at Rs6.67. It was followed by Unity Foods with 22.5 million shares, losing Rs0.48 to close at Rs29.31, and WorldCall Telecom Limited with 21.05 million shares, losing Rs0.06 to close at Rs2.37.