100 Index near penetration of the 42,000 level during initial hours

Negative sentiment ensues in the market today as the 100 index opened 23 points below yesterday’s closing, having lost over 400 points so far, or about 1%, and trading at 42,015 points at the moment.

This is the fourth negative session in a row with the market hit by renewed concerns on the country’s debt levels. For starters, amid deteriorating macroeconomic conditions and the inevitability that the incoming government would have to work hard to attract funds for meeting its external accounts needs, the State Bank of Pakistan reported a 14% increase in foreign debt and liabilities for the fiscal year that ended June 30, 2018.

Commercial Banks have been leading the losses on the 100 index so far, followed by Cement and Fertilizers.

A total of 28.3 million shares have been traded so far for the companies listed on the KSE 100 at a value of Rs 2.1 billion.

The broader KSE All Share Index too has suffered a 240 point slide so far, or 0.79%, with the index having travelled a range of 268 points since market open and currently trading at 30,478 points.

Indus Motor Company Limited has suffered the greatest loss on the Karachi Stock Exchange so far, having lost Rs 20.16 so far, currently trading at 1,550.

Jubilee Life Insurance Company Limited, on the other hand, has made the most gains on the Karachi Stock Exchange so far, having witnessed an increase of Rs 20, and currently trading at Rs 660.