Closing Bell: KSE - 100 Index down by 1.77%; loses more than 700 points

KSE-100 index reached its lowest closing of the year today. However, market activity was relatively up-ish in today’s session increasing by more than 30.5 percent

Major downward dragging stocks during today’s session were; HBL (-5%), MCB (-2.54%), UBL (-0.20%), MARI (-5%) and FFC (-3.27%).

According to research analysts, “Technically speaking, despite hammer formation on weekly charts the 100 Index has lost 1,409pts since Friday close. Further downside will test support at 41k and any further correction can send the 100 Index whirling down to 39,500. On monthly charts, the 100 Index is trading well below its support at 20EMA for the first time since May 2008.”

In today’s corporate alerts; Jahangir Siddiqui Co. Ltd, Security Investment Bank Ltd, Dynea Pakistan, Standard Chartered Bank Ltd, Otsuka Pakistan, Reliance Insurance Pakistan, IGI Life Insurance, Thall Ltd, Premium Insurance Ltd and Adamjee Insurance announced financial results for the quarter, half year and year ended June 2017.

Standard Chartered witnessed a 3.44 percent increase in Total Non-markup/interest income whereas whereas the Profit after Taxation for the Period decreased by 5.09 percent.

Thall Ltd also released earnings for the last year, witnessing a revenue increase of 12.17 percent, whereas profit for the period increased by 82 percent.

Also, in other news, in a detailed report spawning 28 pages released by Department of Financial Services, Ms. Maria T. Vullo, Superintendent of the New York State Department of Financial Services, has accused Habib Bank Ltd. of more than 53 counts of grave misconducts.

Abraaj Investment announced (via BMA Capital Management) that due to unsuccessful negotiations, it has withdrawn its offer to acquire up to 60% voting shares in Linde Pakistan.

KSE-100 Index at the day end lost a total of 714.14 points, closing at 41233.08 points. Index touched an intraday high of 41974.22 points whereas touching an intraday low of 41046.24.

In percentage terms, index was down by 1.77%.