KSE-100 closes at lowest level; Breaches 40,000-mark

• The benchmark KSE-100 index dropped by 627.95 points or 1.55 percent to settle at 39,831.75 points.
• The index hit an intraday low of 658.49 points as investors chose to sell after the market opened in the green.
• With 16 million shares trading hands, WorldCall Limited led the pack in terms of volume.

The KSE-100 index fell more than 600 points in a volatile session on Thursday, keeping the Pakistan Stock Exchange (PSX) under selling pressure.

The political unrest surrounding the by-elections in Punjab and the election of the chief minister has caused investors to fear and sell off their investments.

Since the start of trade, the benchmark KSE-100 index has been trending downward and there have been no encouraging signs as stocks have been under selling pressure generally.

The KSE-100 index dropped by 1.55 percent day over day, reaching its lowest point since November 23, 2020, according to Arif Habib Limited. The index has decreased by 4.1 percent and 10.7 percent, respectively, since the start of the fiscal year 2022–2023 and the beginning of the calendar year 2022, according to the statement.

As the rupee-dollar parity continued to dampen spirits, the Pakistani rupee continued to decline, hitting an all-time low of 226.81 against the US dollar in the interbank market. This pushed investors to stay on the sidelines.

The benchmark KSE-100 index dropped by 627.95 points or 1.55 percent to settle at 39,831.75 points.

According to a report from Arif Habib Limited, the benchmark KSE-100 index had a bloody session today as a result of worries about the economy and inflation as well as the rupee’s loss against the US currency.

The index hit an intraday low of 658.49 points as investors chose to sell after the market opened in the green, according to the trading house.

Meanwhile, it claimed that overall volume levels remained low while good volume levels were seen in third-tier stocks.

Fertilizer (-100 points), banks (-91.2 points), exploration and production (-78.8 points), cement (-60.9 points), and chemical were among the industries that contributed to the performance (-45.4 points).

During the session, shares of 333 different firms were exchanged. 40 scrips closed in the green at the close of trading, 269 closed in the red, and 24 stayed unchanged.

157.99 million shares were traded overall on Thursday versus 141.74 million on Wednesday. Shares were traded for a total of Rs4.28 billion during the day.

With 16 million shares trading hands, WorldCall Limited led the pack in terms of volume and lost 0.06 rupees to settle at 1.21. TPL Properties, which had 11.87 million shares traded and lost Rs. 1.31 to close at Rs. 16.25, and Unity Foods, which had 10.04 million shares traded and lost Rs. 1.35 to close at Rs. 16.72, were the next-most active stocks.

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