KSE-100 index sheds 164.03 points, closing at 42,819.72
Opening Bell: KSE-100 Index recovers by over 449 points
17:30
November 17, 2022
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November 17, 2022 (MLN): KSE-100 opened on a positive note to make an intraday high of 43,099.75 points but soon came under selling pressure and closed at 42,819.72 points down by 0.38%.
Head of Sales at Aba Ali Habib Securities' Salman Naqvi said, investor confidence is shaken in the market due to economic instability in the country, and the news of power plants refusing to buy furnace oil from local refineries.
Furthermore, Pakistan’s benchmark 5-year Credit Default Swap (CDS) reached a historic high of 79.3%, and the swelling central government’s debt to Rs49.4 trillion in September 2022 has created uneasiness in the market.
The benchmark KSE-100 index made an intraday low of 42,769.37 and an intraday high of 43,099.75 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 72.21mn shares, decreased by 13.49% from 83.47mn shares traded on Wednesday.
Shares of 90 companies were traded on Thursday, of which 59 recorded a fall, 28 registered an increase, whereas three remain unchanged.
In terms of sectors, most of the negative contributors were technology, food, and oil & gas exploration which negatively contributed 113.01 points. On the flip side, the oil and gas power gencos closed the session positive, gaining 8.30 points by the day’s end.
Meanwhile, the volume leaders on the benchmark index were UNITY (11.59mn), TRG (8.78mn), KEL (5.11mn), HUBC (4.07mn), and CNERGY (3.49mn).
The stocks that emerged as net losers during the day included: RMPL (3.50%), NESTLE (2.46%), MTL (1.24%), NRL (3.18%), and ATLH (1.33%). On the other hand, the scrips which gained the most during the session included ARPL (2.48%), MARI (0.27%), ICI (0.43%), HINOON (0.46%), and KOHC (1.24%).
