Bears pull KSE-100 index below ‘psychological’ level of 46,000



2022-02-10 18:14:30

— AFP/File
  • KSE-100 index sheds 399.72 factors to settle at 45,940.04.
  • PSX traded between hope and despair.
  • Shares of 367 firms had been traded throughout the session.

 KARACHI: The bears staged a comeback on the Pakistan Inventory Trade (PSX) on Thursday because the benchmark KSE-100 index shed practically 400 factors and closed below the 46,000-psychological mark.

The inventory market traded between hope and despair, which finally let free the bears who dragged the bourse into the pink.

Traders stored an in depth watch on information relating to Morgan Stanley Capital Worldwide (MSCI) quarterly evaluate and the rising monetary outcomes.

It’s pertinent to say right here that MSCI introduced modifications in constituents of its world indices which might be efficient from March 1, 2022. All three shares together with Fortunate Cement, MCB and HBL retained their place in MSCI Pakistan index.

In the meantime, it additionally added Pakistan in each MSCI FM100 and MSCI FM 15% nation cap index. Nonetheless, he alters in MSCI Frontier Market (FM) 100 and MSCI FM 15% nation cap index similar shall be relevant from Might 2022 Semi Annual Index Overview (SAIR).

On the shut, the benchmark KSE-100 index shed 399.72 factors, or 0.86%, to settle at 45,940.04 factors.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal
Benchmark KSE-100 index intra-day buying and selling curve. — PSX knowledge portal

Arif Habib Restricted in its post-market commentary famous that the market remained boring at present as sustainability issues arose over psychological level of 46,000.

“The cement sector stayed under pressure due to higher international coal prices,” it mentioned, including that within the fertiliser sector, Engro Fertiliser remained within the limelight because it introduced monetary consequence in keeping with market expectations.

The brokerage home said that the index level of 46,000 was unable to digest by the traders as profit-taking was noticed throughout the board within the final buying and selling hour, which led the market to shut within the pink zone.

Sectors contributing to the efficiency included banks (-120.6 factors), fertiliser (-63.2 factors), know-how (-57.5 factors), exploration and manufacturing (-42.7 factors) and cement (-35 factors).

Shares of 367 firms had been traded throughout the session. On the shut of buying and selling, 123 scrips closed within the inexperienced, 222 within the pink, and 22 remained unchanged.

Total buying and selling volumes rose to 285.96 million shares in contrast with Wednesday’s tally of 243.1 million. The worth of shares traded throughout the day was Rs9.27 billion.

Telecard Restricted was the amount chief with 45.4 million shares traded, dropping Rs0.33 to shut at Rs17.51. It was adopted by TPL Properties with 16.9 million shares traded, gaining Rs0.30 to shut at Rs34.19, and World Name Telecom Restricted with 13.71 million shares traded, dropping Rs0.03 to shut at Rs2.18.

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