Opening Bell: KSE-100 drops 650 points due to govt’s incoherence

MG News | May 16, 2019 at 11:17 AM GMT+05:00

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May 16, 2019 (MLN): The KSE 100 index has plunged below the 34,000 mark by losing 650 points during the early hours of the session, and is trading at 33,641 points as of now. The bourse is suffering on the back of massive devaluation of Rs. 4.6 in local currency witnessed in the initial hours of interbank market.

Moreover, unfavorable economic numbers also led to reversion of KSE-100 index into the red district. These included increase in Pakistan’s external debt by USD 6.755 Billion between Jan – March 2019, which took the country’s total debt liabilities to USD 105.841 billion, the highest level in the nation’s history.

In addition to that, the overall output of Large Scale Manufacturing Industries (LSMI) decreased by 2.93% for July-March, 2018-19 compared to July-March, 2017-18. Lastly, Pakistan’s trade deficit for the month of April 2019 worsened by 22.2 percent as compared to the previous month, due to increase in imports by 14.39%.

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Name	Price/Vol	%Chg/NChg
KSE100	164,444.72 1,390.47M	-0.75% -1241.66
ALLSHR	100,263.22 3,076.68M	-0.52% -522.58
KSE30	50,467.16 136.66M	-0.90% -456.01
KMI30	239,381.13 102.98M	-0.94% -2269.59
KMIALLSHR	66,143.45 1,531.56M	-0.67% -449.11
BKTi	46,609.98 59.41M	-0.86% -404.53
OGTi	32,245.33 12.94M	-0.42% -134.82

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	110,895.00	112,280.00 109,850.00	-655.00 -0.59%
BRENT CRUDE	61.96	62.75 61.86	0.05 0.08%
RICHARDS BAY COAL MONTHLY	80.50	0.00 0.00	0.00 0.00%
ROTTERDAM COAL MONTHLY	93.00	93.00 92.50	1.95 2.14%
USD RBD PALM OLEIN	1,085.00	1,085.00 1,085.00	0.00 0.00%
CRUDE OIL - WTI	58.36	59.11 58.24	0.09 0.15%
SUGAR #11 WORLD	15.72	15.87 15.58	0.03 0.19%