Update 2: KSE-100 index plummets by 1,100 points in intraday trade

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MG News | August 31, 2023 at 02:16 PM GMT+05:00

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August 31, 2023 (MLN): The benchmark KSE-100 index continued to shed points during intraday trade, losing 1,107 points or 2.41% day-on-day (DoD) to trade at 45,131.50 at [02:30 pm PST].

What Caused the Sell-Off?

Pressure comes through political uncertainty surrounding the general elections, which is causing turbulence in local markets.

Investors are losing their confidence in the local bourse because of deteriorating economic conditions, resulting in a sell-off burden.

Moreover, Moody’s assertion for weak infrastructure, governance issues, and concerns for unresolved circular debt crises in the power sector played a catalytic role in the bearish close.

Additional pressure is being exerted through the continuous depreciation of the PKR, which is currently trading at 306 against the USD, down by 1.56 rupees compared to the previous close.

Investors are closely monitoring the falling rupee because the next review by the International Monetary Fund (IMF) will not happen for a few months, and there isn't much clear information about planned investments from the Gulf Cooperation Council (GCC).

Sector-wise, the KSE-100 Index was let down by Commercial banks with 445.36, Cement with 133.44, Oil and gas Exploration companies with 114.42, Fertilizer with 77.21, and Power Generation and Distribution with 64.68 points.

The most points lost to the Index were by MCB which shed 121.96 points followed by UBL with 116.39 points, LUCK with 73.66 points, and MEBL with 60.15 points.

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202.93M
-0.92%
-1437.05
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401.80M
-0.96%
-898.05
KSE30 47,322.74
112.52M
-1.11%
-528.79
KMI30 221,927.00
101.40M
-0.80%
-1792.09
KMIALLSHR 59,889.41
199.88M
-1.08%
-652.12
BKTi 44,127.70
34.85M
-1.99%
-894.82
OGTi 31,715.42
8.74M
-2.31%
-748.93
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Name Last High/Low Chg/%Chg
BITCOIN FUTURES 70,410.00 71,145.00
69,345.00
-415.00
-0.59%
BRENT CRUDE 99.19 101.59
95.20
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RICHARDS BAY COAL MONTHLY 99.40 0.00
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ROTTERDAM COAL MONTHLY 124.00 124.25
124.00
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USD RBD PALM OLEIN 1,083.50 1,083.50
1,083.50
0.00
0.00%
CRUDE OIL - WTI 94.15 95.97
88.61
6.90
7.91%
SUGAR #11 WORLD 14.32 14.43
14.12
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