Intraday Report: KSE-100 sinks below 60,000

February 13, 2024 (MLN): The bears continued their dominance at the local bourse, stripping off the benchmark KSE-100 index by another 1,318 points or 2.16% to 59,747 by around 09:52am.

Uncertainty on the political front continues to weigh heavily on the market, with the bourse shrugging off a positive quarterly review by Morgan Stanley Capital International (MSCI), which added 3 scrips to its Frontier Market and 19 to its Small Cap Indexes.

Yesterday, the index plummeted 1,878 points or 2.98%, on top of Friday's 1,200-point decline.

KSE-100 index was let down by Oil & Gas Exploration Companies with 399.91, Commercial Banks with 223.98, Oil & Gas Marketing Companies with 129.91, Cement with 120.52, and Power Generation & Distribution with 105.85 points.

Oil & Gas Exploration Companies remained under pressure amid rumors of the International Monetary Fund (IMF)’s circular debt resolution plan.

Companies that dragged the index lower were OGDC with 198.64, PPL with 165.6, HBL with 81.17, PSO with 74.68 and HUBC with 69.08 points.

In the broader market, the All-Share index was at 40,493.09 with a net loss of 862.24 points.

To note, the KSE-100 has gained 18,295 points or 44.13% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative decrease of 2,704 points, equivalent to 4.33%.

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