KSE 100 down over 500 points as rupee devalues yet again

KSE – 100 opened negatively on Monday, July 16th 2018, as it dropped by 510 points from the previous session’s closing, to hit 39,760 points during the first half of the current trading session.

Investors have responded to the interest rate hike announced on Saturday, coupled with PKR devaluation witnessed early today after Shamshad Akhtar, caretaker finance minister, announced on Saturday that the caretaker government was doing spadework for another IMF program, leaving the incoming government to make the final call.

The Intraday peak was 40,464 points while the least was recorded at 39,759 points, a market movement between the range of 707 points.

By now, 50 million shares have been traded in the KSE – 100 index while 73.5 million shares have been traded in KSE All Share Index.

Performance wise, the chemical sector has been leading at the KSE – 100 index currently, whereas Cement and Fertilizers and Commercial Banks are the net losers so far.

Within KSE All Share Index, Colgate-Palmolive (increased by Rs.139.22 or 4.77%), Indus Dyeing Manufacturing Company (Increased by Rs.24 or 3.67%) and Mari Petroleum Company Limited (increased by Rs.17.38 or 5%) are topping the list of net gainers whereas Philip Morris (Pakistan) Limited (decreased by Rs. 144.49 or 5%), Pakistan Tobacco Company Limited (decreased by Rs 107.50 or 5%) and Saphire Textile Mills Limited (decreased by Rs 51.58 or 4.91%) remained the net losers during the initial hours of today’s session.

Volume at KSE is being led by Bank of Punjab (21.1 million).