April 10, 2020 (MLN): The KSE-100 index has lost 351 points in the intraday session and is currently trading at 31,487 points. Earlier, the benchmark index was trading 450 points lower.
The market seems to be led down by the decision of OPEC+ countries, in which all except Mexico decided to cut output in May and June by 10 million barrels per day.
As of now, E&P Companies and Commercial Banks are facing the maximum brunt.
On the other hand, the Pakistani Rupee regained lost ground and appreciated in early trade ground as it strengthened by another 88 paisa early in the session with trades reported at 166.40
It is pertinent to mention that PKR has been under immense pressure since early March, mainly due to the decline in State Bank’s reserves by over $2.06 billion.
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