KSE – 100 loses 265.58 points

The Karachi Stock Exchange – 100 Index closed in red yet again after trading in red throughout the entire day. Market opened to the negative news of Fitch Ratings revising outlook on Pakistan’s Long Term Foreign and Local Currency Issuer Default Ratings (IDRs) from stable to negative. Bad news after bad news from the market damped the overall investor sentiment for the day.

Fauji Fertilizer Bin Qasim and Lucky Cement reported financial results during the day, reporting lower than expected earnings during for the outgoing half year. LUCK (-1.22%), FFBL (-3.30%) both closed negative after announcing lower than expected half year results.

Sector-wise all share index turnover was led by Power & Generation (41.306 million), Cement (37.048 million), and Chemical (30.907 million) with Transport (9.362 million) and Insurance (9.042 million) stocks trailing at the bottom.

KSE – 100 Index at the day end moved a total of -265.58 points down by -0.59%, closing in at 44551.13 points with index high-low range of 44825.78 – 44196.57.

KSE – All Share Index Volume was at 270.365 million shares, value of shares traded for all-shares index reached PKR 9.139 billion.

KSE – 100 Index Chart – Mettis Global

The index movement was limited within the 629.21 points range.

32 companies closed up, whereas 50 were down at the day end.