January 16, 2023 (MLN): The Benchmark KSE100 index ended the trading session on Monday with 602.70 points or 1.49% decline to close at 39,720.75 level.
During the day, equities witnessed selling pressure due to the ongoing forex exchange crises and political noise in the country.
To note, the foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $1.23 billion to $4.34bn which marked the lowest since February 28, 2014.
Today LOTCHEM disclosed that it is selling its subsidiary in Pakistan to Lucky Core Industries for 192.4 billion won (US$156 million) as part of efforts to streamline its business with a focus on advanced materials and eco-friendly products.
Furthermore, the board of the Lotte Chemical Corporation, South Korea (LCC Korea), the majority 75.01% shareholder of LOTCHEM has approved and authorized the sale of all of the company's shares to Lucky Core Industries.
During the market hours, index made an intraday low of 39,660.75 and an intraday high of 40,354.72 during the day.
By the session’s end, the total volumes of the KSE-100 index stood at 52.07mn shares, decreased by 21.76% DoD from 66.55 shares traded last week on Friday.
Out of 100, shares of 90 companies were traded on Monday, of which 78 recorded a fall, 8 registered an increase and four remained unchanged.
In terms of sectors, most of the negative contributors were oil & gas exploration, technology & cement which negatively contributed 294.73 points. On the flip side, the real estate investment trust sector closed the session positive, gaining 0.74 points by the day’s end.
Meanwhile, the volume leaders on the benchmark index were LOTCHEM (7.66mn), PPL (6.85mn), OGDC (4.07mn), CNERGY (3.86mn), and SNGP (3.28mn).
The stocks that emerged as net losers during the day included: NESTLE (4.44%), COLG (1.79%), MARI (1.03%), RMPL (0.12%), and ATLH (3.27%). On the other hand, the scrips which gained the most during the session included ARPL (1.13%), LOTCHEM (1.74%), HMB (0.75%), NML (0.38%) and APL (0.05%).
Copyright Mettis Link News
Posted on: 2023-01-16T16:42:10+05:00
