KSE-100 index falls over 100 points on investor jitters

• Weak macroeconomic cues, rupee depreciation dent the confidence of market players.
• Today, at the close, the benchmark KSE-100 index falls by 128.06 points to close at 43,395.78 points.
• Shares of 324 companies were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a volatile session, as external woes and fast depreciating currency kept the benchmark index under pressure. Resultantly, the benchmark KSE-100 index fell over 100 points today.

The expectation of a 75-100 basis points hike in the benchmark policy rate by the State Bank of Pakistan (SBP) next week coupled with uncertainty regarding the mini-budget dampened investor interest.

Moreover, continuous depreciation in the Pakistani rupee against the US dollar, which dropped to an all-time low of Rs177.71 against the greenback in the interbank market, added fuel to the already negative climate.

Trading began on a positive; however, within the first hour, the market succumbed to selling pressure and moved towards the south. Meanwhile, after the trading resumed in the second session the index kept fluctuating between the red and green zones, ending the session on a negative note.

Today, at the close, the benchmark KSE-100 index fell 128.06 points, or 0.28%, to close at 43,395.78 points.

Shares of 324 companies were traded during the session. At the close of trading, 123 scrips closed in the green, 183 in the red, and 18 remained unchanged.

Overall trading volumes dropped to 179.2 million shares compared with Thursday’s tally of 179.2 million. The value of shares traded during the day was Rs6.7 billion.

TRG Pakistan was the volume leader with 14.6 million shares traded, gaining Rs1.39 to close at Rs96.44. It was followed by Treet Corporation with 14.2 million shares traded, losing Rs0.28 to close at Rs40.12, and WorldCall Telecom Limited with 13.6 million shares traded, losing Rs0.11 to close at Rs1.88.