Mettis Global News
Mettis Global News
Mettis Global News
Mettis Global News

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KSE 100 loses 2043 points during outgoing week

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Pakistan Stock Exchange (PSX) during the outgoing week dropped by a whopping 2043 points. The trading week started a day late on account of EID, and the first day of trading remained relatively inactive.  However, starting from Wednesday, an increase in foreign selling amounting to up to $24.5 million pushed down the benchmark. This was followed by continuously poor macroeconomic numbers, Moody’s outlook’s announcement on Pakistan being downgraded to a negative status from a stable one and high current account deficit leading to panic selling, owing to which the index slid down a steep slope. All these factors collectively contributed towards a 4.7% decline in the PSX, wiping the market capitalization worth Rs. 438 billion.

During the week in the open market, there were fluctuations in the foreign exchange market because of the value of rupee against dollars decreasing further as it rose from Rs124.5 to Rs. 125.20. Exchange Companies Association decided to keep open market rate at RS. 124.50. Dollar at interbank moved in narrow band and closed at Rs 121.50.

Gold before Eid holidays hit Rs.60, 000 per tola after a sharp rise in dollar value. But during the outgoing week, gold price dropped by Rs. 500 to Rs.59, 500. Gold price in global market drop by 2.5% to $1,269 per ounce.

OPEC met Allies to decide upon the approval of Oil-Supply hike.  They are expected to add about 700,000 b/d of crude oil to the market. This expectation led to lower oil prices internationally and by default a decline in oil and gas exploration companies.

Among all the uncertainty, Bitcoin price touched the year low to $5,922

 

Posted on: 2018-06-24T16:04:00+05:00