Intraday Report: KSE-100 slides further by 1%

December 14, 2023 (MLN): The benchmark KSE-100 index extends its slide on Thursday, showing a decrease of 668.61 points or 1.02% to trade at 64,611.56 [09:50am PST].

The index has traded a volume of 27.193 million shares.

This comes after the index suffered its steepest daily drawdown yesterday in almost 3.5 months.

This long overdue correction can be attributed to over-leveraged positions in the market, coupled with profit-taking by investors after a prolonged rally.

Moreover, some market participants were also hoping for a slight rate cut, however, the Monetary Policy Committee (MPC) opted to maintain it at 22% yesterday.

KSE-100 index is being let down by Commercial Banks with 171.12, Oil & Gas Exploration Companies with 102.78, Inv. Banks / Inv. Cos. / Securities Cos. with 79.5, Power Generation & Distribution with 72.46, and Fertilizer with 65.62 points.

Companies dragging the index lower are DAWH with 79.5, HUBC with 62.85, MEBL with 56.37, UBL with 45.89 and ENGRO with 45.65 points.

In the broader market, the All-Share index is trading at 42,960.35 with a net loss of 319.30 points.

To note, the KSE-100 has gained 23,159 points or 55.87% during the fiscal year, whereas the ongoing calendar year has witnessed a cumulative increase of 24,191 points, equivalent to 59.85%.

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