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KSE-100 witnesses lowest dip in 2018 as economic crisis materializes

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October 08, 2018 (MLN): Blues have taken over KSE-100 as it witnessed the lowest dip in 2018 during today’s session, the biggest drop in Asia barring China, while maintaining its longest losing streak in five months. The benchmark Index exhibited a plunge of 1328 points, closing in at 37,898 points.

The calamity came as a result of mounting curiosity amongst investors regarding government efforts to curtail the worsening economic crisis. The investors exhibited a series of panic selling after last trading session’s discouraging outcome.

Pakistan’s Prime Minister Imran Khan is under severe pressure to generate external funding as the country faces its latest financial blowout.

The International Monetary Fund (IMF) pointed out last week said that Pakistan needs significant funding from overseas to stabilize its economy and that recent government efforts haven’t been adequate enough.

An IMF loan is expected since Pakistani delegations that recently visited China and Saudi Arabia made no announcement that they had secured external funding from these countries.

Speaking to a reporter at Mettis Global News, Mr. Faizan Kamran, Research Analyst at Arif Habib Limited said that “It is clear that the government will avail the IMF loan, given the prime ministers indication in yesterday’s press conference.”

There is widespread uncertainty within the market regarding potential increase in discount rates, gas prices and rupee devaluation, he added.

Pakistan’s Finance Minister Asad Umar in August said that the government may need more than $12 billion to halt an impending financial crisis.

The stocks of Commercial banks, Fertilizers, Oil & Gas Exploration Companies and Cement sectors largely influenced the index as they emerged as the major loss bearing contributors, taking away 846 points from the index collectively.

The losses on HBL (-5%), UBL (-4.99%), FFC (-4.77%), LUCK (-5%), PPL (-2.85%) and POL (-3.88%) brought about the lowest dip within the index.

Within a range of 1527 points, the market travelled to an intraday high of 39,297 points and an intraday low of 39,769 points.  With respect to volume, around 113 million shares of the companies listed on KSE-100 were traded with a worth of around Rs. 5.2 billion.

Correspondingly, the broader KSE All Share lost 852 points by the day end, closing in at 27,943 points. An intraday high of 28,831 points was recorded for the KSE All Share index, while the intraday low sunk to 27,878 points today.

Over 185 million shares of the scrips listed within the broader KSE All Share Index were traded today, with its value recorded at Rs. 6.2 billion.

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Posted on: 2018-10-08T16:03:00+05:00

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