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Intraday Report: KSE-100 index bleeds over 400 points

Update 2: KSE-100 index plummets nearly 1
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February 20, 2023 (MLN): Amidst the deteriorating law and order situation in Pakistan along with political upheaval and economic crisis, the investors on Monday preferred to take their money out from the local bourse as the KSE-100 Index lost over 400 points and is currently trading at 40,703.58. 

To note, a terrorist attack targeted the Karachi Police Office building in Karachi, resulting in four fatalities and 19 injuries.

Meanwhile, political noise, inflationary pressures, and rising tensions ahead of the upcoming monetary policy announcement, which is expected to result in an increase have hurt investors' sentiments.

According to the news reports, the State Bank of Pakistan (SBP) and the International Monetary Fund (IMF) to discuss the potential for additional monetary policy tightening and the accumulation of foreign exchange reserves by the end of June 2023.

So far, oil & gas exploration companies, banks, cement, fertilizers, and Technology have witnessed higher selling activity as they have lost around 113, 66, 42, 41, and 23 points to the index respectively.

Company-wise, the scrips of RMPL, NESTLE, MUREB, COLG, INDU, and MTL have endured the maximum selling pressure.

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Posted on: 2023-02-20T11:12:45+05:00