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

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.

Copyright Mettis Link News

 

 

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Name Price/Vol %Chg/NChg
KSE100 182,241.78
412.98M
0.54%
982.10
ALLSHR 110,583.67
943.78M
0.59%
653.91
KSE30 54,431.71
88.75M
0.62%
333.09
KMI30 256,914.21
109.86M
0.51%
1306.68
KMIALLSHR 71,041.31
586.34M
0.56%
392.65
BKTi 51,712.76
42.20M
1.08%
554.64
OGTi 36,659.58
6.31M
0.32%
116.76
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 64,210.00 64,680.00
63,785.00
125.00
0.20%
BRENT CRUDE 75.22 77.52
75.22
-1.08
-1.42%
RICHARDS BAY COAL MONTHLY 105.75 0.00
0.00
-2.20
-2.04%
ROTTERDAM COAL MONTHLY 118.00 118.00
117.60
-1.20
-1.01%
USD RBD PALM OLEIN 1,135.00 1,135.00
1,135.00
0.00
0.00%
CRUDE OIL - WTI 71.51 73.16
70.77
-0.57
-0.79%
SUGAR #11 WORLD 14.86 15.14
14.71
-0.26
-1.72%

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