PSX Closing Bell: An unexpected journey

November 17, 2021 (MLN): The capital markets on Wednesday opened on a negative note as the benchmark KSE-100 index dipped more than 470 points in early hours before settling the day with the loss of 348.49 points or a 0.75 percent decline to close at 46,194.42.

The market was knocked down by the hike of interest rate fear in SBP’s out-of-schedule MPC meeting set for Friday 19th Nov 2021, a market closing note by Aba Ali Habib cited.

After-market hours on Tuesday, SBP disclosed on its website and Twitter that the bank will hold its MPC meeting on 19th Nov instead of 26tth November, in order to help reduce the uncertainty about monetary settings prevailing in the market.

The top scrip responsible for deducting more than 100 points from the 100-index was the Resource Group (TRG) due to accusation of harassment and assault by a former employee on Mr. Zia Chishti, the Chief Executive of Afiniti, a subsidiary of TRG.

The Index traded in a range of 546.02 points or 1.17 percent of previous close, showing an intraday high of 46,615.62 and a low of 46,069.60.

Of the 93 traded companies in the KSE100 Index 24 closed up 66 closed down, while 3 remained unchanged. Total volume traded for the index was 93.57 million shares.

Sector wise, the index was let down by Cement with 136 points, Technology & Communication with 84 points, Oil & Gas Exploration Companies with 34 points, Oil & Gas Marketing Companies with 31 points and Pharmaceuticals with 24 points.

The most points taken off the index was by TRG which stripped the index of 110 points followed by LUCK with 66 points, HBL with 23 points, PSO with 19 points and DGKC with 19 points.

Sectors propping up the index were Commercial Banks with 103 points, Glass & Ceramics with 2 points, Leather & Tanneries with 2 points and Insurance with 1 points.

The most points added to the index was by SYS which contributed 42 points followed by MCB with 39 points, MEBL with 30 points, BAHL with 26 points and UBL with 9 points.

All Share Volume decreased by 4.70 Million to 238.49 Million Shares. Market Cap decreased by Rs.51.24 Billion.

Total companies traded were 343 compared to 351 from the previous session. Of the scrips traded 83 closed up, 241 closed down while 19 remained unchanged.

Total trades decreased by 17,289 to 99,439.

Value Traded decreased by 0.31 Billion to Rs.10.12 Billion

Copyright Mettis Link News