Intraday Report: KSE-100 index down by 956 points

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MG News | September 22, 2021 at 12:54 PM GMT+05:00

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September 22, 2021 (MLN): The benchmark KSE-100 index has lost 956 points [12:55 pm] in intraday trade and is currently trading at 45052.255 as the market was weighed by the news that the government has decided to control imports by increasing duties on major non-essential items to curb demand.

In an interview with a media house, Shaukat Tarin, Finance Minister said that the government has made a mistake by giving concessions to the Auto sector. He said the healthy remittances are saviour for the external balance as the exports are about 9% of GDP while Imports are over 20% of GDP, showing an imbalance that has to be narrowed down by curtailing the rising import growth.

The market witnessed huge selling pressure as investors are adjusting their investment portfolio amid a hike in interest rate, Arsalan Siddiqui, Co-Head of Research at Foundation Securities said while speaking to Mettis Global.

In addition, the forward-looking guidelines issued by the State Bank of Pakistan which clearly mentioned that MPC will gradually increase the interest rate, has also sidelined the investors’ interest, he added.

Technology & Communication and Commercial Banks have witnessed higher selling activity as they have lost around 165 and 124 points respectively.

Company-wise, the scrips of TRG, SYS, HBL, and LUCK have endured the maximum losses.

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Name Price/Vol %Chg/NChg
KSE100 135,939.87
307.74M
-0.41%
-562.67
ALLSHR 84,600.38
877.08M
-0.56%
-479.52
KSE30 41,373.68
101.15M
-0.43%
-178.94
KMI30 191,069.98
82.45M
-1.17%
-2260.79
KMIALLSHR 55,738.07
422.01M
-1.03%
-577.24
BKTi 38,489.75
45.79M
-0.02%
-8.33
OGTi 27,788.15
6.87M
-1.24%
-350.24
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 116,960.00 120,695.00
116,090.00
-3275.00
-2.72%
BRENT CRUDE 68.77 69.41
68.60
-0.44
-0.64%
RICHARDS BAY COAL MONTHLY 96.50 96.50
96.50
0.50
0.52%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.25
-2.05
-1.92%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.64 67.13
66.22
-0.34
-0.51%
SUGAR #11 WORLD 16.56 16.61
16.25
0.26
1.60%

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