Benchmark index sheds 560 pts as Moody’s downgrades Pakistan’s banking sector

February 11, 2019 (MLN): The KSE-100 index extended its losses for the 4^th consecutive session and ended today’s session on a depressing note by shedding 560 points and closed in at 40,326 points.

The positive news from World Govt Summit, where Prime Minister addressed the business community and development in IMF talks for economic assistance package for Pakistan failed to bring any excitement in the market as the index witnessed a selling spree during today’s trade.

Another event that caused panic among investors was Moody’s downgrade of Pakistani banks outlook from stable to negative.

Major sectors comprising of Commercial Banks, Oil & Gas Exploration Companies, Fertilizer, Cement and Oil & Gas Marketing Companies endured most of the pressure as the combined losses from these sectors amounted to 427 points. While the major scrips responsible in dragging the benchmark index down were HBL (- 2.46%), LUCK (- 2.62%), UBL (-2.14%), OGDC (-1.55%) and MCB (-1.6%).

Moving within the range of 857 points, the bourse touched an intra-day high of 41,076 points and intra-day low of 40,218 points.

During the day, market activity remained dull as nearly 87.5 million shares were traded today for the scrips listed on the benchmark index with their total value recorded at Rs.5 billion.

Correspondingly, the broader KSE All Share index shed around 353 points by the day end and closed at 29,299 points.

An intraday high of 29,746 points and an intraday low of 29,164 points was recorded by the day end for the all share index with a range of 581 points.

Over 134 million shares of the scrips listed within the broader KSE All Share Index have been traded so far, with its value recorded at Rs.6.2 billion.

Total 305 companies’ transacted shares in the Stock Market today, out of which 56 recorded gains and 232 sustained losses whereas the share price of 17 companies remained unchanged.

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