KSE 100 fails to sustain resurgence following ECC decision to hike electricity rates

October 16, 2018 (MLN): The KSE 100 failed to sustain its resurgence as the index landed back to its former plight by the end of today’s trading session as it shed approximately 104 points to close in at 36,663 points.

The index had kick started on an extremely positive note during the early hours of the session. However, following the decision by the Economic Coordination Committee to settle on a potential hike in electricity prices in the upcoming week, the investors lost confidence yet again causing an outbreak of a panicky atmosphere.

The index plummeted by 0.28% by virtue of the scrips traded by Commercial banks, Fertilizer and Cement sectors as they took away a total of around 170 points from the index.

Among the index heavy weights, losses on the scrips of UBL (-2.81%), FFC (-2.97%), LUCK (-3.33%) and HBL (-1.68%) steered the index to the red zone.

Engulfed within a range of 847 points, the index touched an intraday high of 37,339 points and an intraday low of 36,491 points. About 92 million shares traded today for the scrips listed on the benchmark index.

O the contrary, the broader KSE All share index landed on a state of consolidation as it only shed around 5 points, closing in at 27,319 points. An intraday high of 27,676 points and an intraday low of 27,262 points was recorded by the day end.

Over 175 million shares of the scrips listed within the broader KSE All Share Index have been traded so far, with its value recorded at Rs. 5.3 billion.

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