KSE-100 falls below 40,000 mark as Monetary Policy blues continue

December 03, 2018 (MLN): The KSE 100 index remained in a wistful state throughout its first session of the month, as it lost nearly 1335 points and closed in at 39,160 points, down by 3.3%. The market became a hub of obliteration as the State Bank’s monetary policy hike of 150 bps gave rise to a mass of panicked investors.

Today's outcome has been cited as the lowest in last six weeks. PSX decline made local bourses one of the worst performing stock in Asia, whereas stock market in dollar terms was termed the worst performing market.

Furthermore, stock market in the last 18 months has lost $43 billion worth of market capitalization. From $100 billion market, current market capitalization has reached $57 billion.

Commercial Banks, Fertilizer, Cement, Power Generation and Oil & Gas Marketing Companies emerged as the major point snatchers as they took away 840 points from the index.

Among the index heavy weights, the scrips of ENGRO (-4.95%), HBL (-3.9%), FFC (-4.99%) and LUCK (-5%) faced most of the losses as market went down by 3.3%.

Bounded within a range of 1481 points, the index touched an intraday high of 40,496 points and an intraday low of 39,014 points. Around 102 million shares traded today for the scrips listed on the benchmark index with their total value recorded at Rs. 5.5 billion.

Meanwhile, the KSE All share lost around 883 points by the day end and closed in at 28,498 points.

An intraday high of 29,381 points and an intraday low of 28,430 points was recorded by the day end for the all share index with a range of 950 points.

Over 164 million shares of the scrips listed within the broader KSE All Share Index were traded today, with their value recorded at Rs 6.5 billion.

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