Midday Report: KSE-100 Index endures selling pressure

March 01, 2023 (MLN): With a longer-than-expected delay in the IMF deal and the anticipated rate hike by MPC tomorrow, the Pakistani stock market continued to endure notable selling pressure on Wednesday as the KSE-100 Index has lost 332 points so far [11:46 PST] and currently trading at the 40,177.66- mark. 

In addition, Moody's, the credit rating agency, downgraded the country's local and foreign currency issuer and senior unsecured debt rating from Caa1 to Caa3 which has also dented investors' sentiments. 

Meanwhile, according to the news reports, the fund has set forth four prior actions that need to be taken before reaching a staff-level agreement (SLA), which has further heightened concerns among investors.

Sector-wise, oil & gas exploration companies, commercial banks, cement, and power generation have witnessed higher selling activity as they have lost around 95, 56, 31, and 30 points, respectively.

Company-wise, the scrips of ARPL, INDU, MARI, POL, and LUCK have endured the maximum losses.

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