KSE-100 suffers a hammering, falls to staggering lows

The KSE-100 suffered a hammering today after closing positive on yesterday’s close. The markets have been suffering from the political upheaval throughout the year.

Macroeconomic indicators also present a bleak outlook for the future of Pakistan’s economy after the dust settles in the political upheavals. The State Bank of Pakistan’s reserves were down 88.30 million from previous week, as the country moves towards an FX level where it would become ineligible to get World Bank loans to cover the deficit. This has belittled all the claims of Finance Minister, who claims that his efforts have revived the economy after it was left in tatters by the previous government.

Also, the circular debt has  put business community on its toes, as the debt continues to mount and has already reached alarming levels, the community does not see any respite from the deteriorating situation.

In corporate alerts, Allied Bank Ltd. declared a Dividend of Rs. 1.75/- per share and reported an EPS of 5.65 for the period ended June 30, 2017. Bank Alfalah Ltd. also announces financial results for the period and did not declare a dividend for the period. BAFL reported an EPS of 3.04/- for the period ended June 30, 2017.

In other news, FPCCI announced it will extend full support to facilitate China in installing 200,000 bpd Refinery in Pakistan.

KSE-100 lost a total of 1050.90 points during the day, closing on 43136.06 points. Index touched an intraday high of 44257.26 points whereas fell to a low of 43044.12points.

Total companies traded in the session were 367 against the last session’s tally of 377 companies. 43 closed positive and 314 closed negative, whereas 10 were unchanged.