PSX Closing Bell: Under the Red Sky

April 28, 2022 (MLN): Continuing its bearish spell, the capital on Friday witnessed selling pressure in the last trading session before Eid on 22-year high cut-off yields, increasing by up to 129 basis points in the auction conducted by SBP on Wednesday which has created the room for the next rate hike in upcoming MPC meeting.

In addition to it, the investors remained cautious about the rumors that Pakistan has decided to seek an additional package of $3.2 billion from Saudi Arabia for jacking up the total facility to $7.4 billion from the existing $4.2 billion to save the dwindling foreign reserves, the post-closing note by Aba Ali Habib noted.

Accordingly, the benchmark KSE-100 index plunged by 283.89 points to close at 45,249.41.

The Index remained negative throughout the session touching an intraday low of 44,648.48

Of the 95 traded companies in the KSE100 Index 26 closed up 68 closed down, while 1 remained unchanged. The total volume traded for the index was 155.37 million shares.

Sector-wise, the index was let down by Technology & Communication with 57 points, Fertilizer with 50 points, Power Generation & Distribution with 46 points, Oil & Gas Exploration Companies with 44 points, and Cement with 41 points.

The most points taken off the index was by HUBC which stripped the index of 40 points followed by FFC with 33 points, TRG with 28 points, SYS with 25 points, and PPL with 20 points.

Sectors propping up the index were Chemical with 28 points, Automobile Assembler with 26 points, Inv. Banks / Inv. Cos. / Securities Cos. with 12 points, Pharmaceuticals with 12 points, and Cable & Electrical Goods with 2 points.

The most points added to the index were by EPCL which contributed 25 points followed by MTL with 21 points, DAWH with 18 points, MEBL with 15 points, and LOTCHEM with 15 points.

All Share Volume increased by 101.64 million to 325.47 million Shares. Market Cap decreased by Rs55.71 billion.

Total companies traded were 340 compared to 331 from the previous session. Of the scrips traded 93 closed up, 233 closed down while 14 remained unchanged.

Total trades increased by 23,944 to 111,042.

Value Traded increased by 3.71 billion to Rs9.29 billion

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