Intraday Report: KSE-100 tumbles by 569pts, PKR drops 54 paisa

February 22, 2022 (MLN): Following the international stock exchanges, the Pakistan Stock Exchange is also witnessing a bearish spell as the KSE-100 index has lost 569 points [12:27 PST] in intraday trade and was trading at 44,873.37 owing to the prevailing uncertainty pertaining to the Ukraine issue.

The unstable political situation has crushed investors’ sentiments as Europe's eastern flank stood on the verge of war after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine.

Technology & Communication, cement, commercial banks and fertilizers have witnessed higher selling activity as they have lost around 116.02, 65.92, 60.57, and 32.22 points respectively.

Company-wise, the scrips of SYS, AVN, ABL, CHCC, DGKC and ENGRO have endured the maximum losses.

Similarly, the Pakistani Rupee (PKR) has observed a downward slide of 54 paisa against the US dollar during intraday on the elevated dollar demand in the interbank market.  The dollar was being quoted at 176.23/176.29 (12:27 PST) when compared to the previous close of Rs175.75.

"Since New York was closed yesterday due to Washington's Birthday, banks won’t receive funds in their Nostro Account which means increased demand from customers could add pressure on PKR as activity was thin on Monday, but possibly after weak opening market could recover by closing," Asad Rizvi, the former Treasury Head at Chase Manhattan said in his early morning Tweet.

Copyright Mettis Link News