August 29, 2023 (MLN): The benchmark KSE-100 index continued its downward trend on Tuesday, losing 471 points or 0.99% DoD to trade at 47,007.7 [11:10am PST].
The market sentiment has been dampened by the rising political uncertainty within the country.
Market participants are also closely monitoring the upcoming CPI data due on Friday, which will be pivotal for the next MPC meeting on September 14 wherein experts are of a view of a rate hike.
Meanwhile, the Pakistani Rupee (PKR) has slipped by another 0.9 rupees against US Dollar in the interbank market during intraday trade.
This shift in the index’s performance followed the release of earnings by Systems Limited (SYS).
Notably, the company’s profitability exhibited a noteworthy increase of 72.69% YoY in the first half of CY23. During this period, the company achieved a profit after tax amounting to Rs4.82bn, resulting in an Earnings Per Share (EPS) of Rs16.59.
SYS led as the primary company impacting the index negatively, contributing 161.55 points, this was followed by POL with 29.25, PPL with 25.33, ENGRO with 18.57, and HBL with 17.51 points.
Sector-wise, the KSE-100 Index was let down by Technology & Communication with 149.58, Oil & Gas Exploration Companies with 69.92, Commercial Banks with 69.87, Fertilizer with 33.11, and Cement with 29.97 points.
