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    Market Watch: KSE-100 Plummets 605 Points As Rupee and Sentiment Take A Hit

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    Shahi Yar Khan
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    Market Watch: KSE-100 Plummets 605 Points As Rupee and Sentiment Take A Hit

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    This is about KSE 100 and the exchange rate so USD

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    KSE and USD

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    Market Watch: KSE-100 Plummets 605 Points As Rupee and Sentiment Take A Hit

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    Shahi Yar Khan
    This is about KSE 100 and the exchange rate so USD

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     EXPRESS NEWS

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    THE EXPRESS TRIBUNE > BUSINESS

    Market watch: KSE-100 plummets 605


    points as rupee and sentiment take a hit
    By Our Correspondent
    Published: July 16, 2018
    TWEET EMAIL
    Benchmark index loses 1.50% to settle at 39,665.77. PHOTO: FILE

    KARACHI: The KSE-100 Index endured another plunge on Monday as the


    rupee’s fourth round of devaluation and an increase of 100 basis points in the
    key interest rate took toll on market sentiment.

    Monday kicked off with the currency weakening against the US dollar, going
    as low as Rs128 in intra-day trading. A 100 basis-point rate hike on Saturday,
    which took the key interest rate to 7.5%, also contributed to the negative
    sentiment. The two steps are being seen as the authorities’ way of curbing
    aggregate demand in the backdrop of falling foreign exchange reserves and a
    rising import bill.

    After a positive open, the KSE-100 came under heavy selling pressure as the
    rupee weakened as well. The index fell 875 points in intra-day trading before
    value hunters took the opportunity to take long-term positions.
    Weekly review: A rough start but a better ending
    At close, the KSE-100 finished with a decrease of 605.23 points or 1.50% to
    settle at 39,665.77.

    Elixir Securities’ analyst Murtaza Jafar said equities closed deep in the red
    with the KSE-100 Index slipping by as much as 1.5%.

    “Market had a positive start on the back of gains in index-heavy financials


    after a 100-basis-point hike in the monetary policy over the weekend,”
    commented Jafar.

    “However, it couldn’t sustain the gains for long as reported foreign


    institutional investor selling in the sector dragged the market into red zone. As
    the day progressed, a drop in the PKR against USD to Rs128 took the market
    off guard as most steel, autos and cement names witnessed renewed selling
    pressure by local funds on concerns of lower than expected earnings in fiscal
    year 2019.

    Market watch: KSE-100 gains 396 points as bank stocks rally


    “[We] expect a volatile market till the elections while our chartists seeing
    major support near 39,200-39,000 levels,” he added.

    Overall, trading volumes increased to 147.5 million shares compared with


    Friday’s tally of 124.7 million. The value of shares traded during the day was
    Rs6.1 billion.

    Shares of 348 companies were traded. At the end of the day, 83 stocks closed
    higher, 236 declined while 29 remained unchanged.

    Bank of Punjab was the volume leader with 25.2 million shares, losing Rs0.18
    to close at Rs11.96. It was followed by Fauji Cement with 10.5 million shares,
    losing Rs0.98 to close at Rs19.24 and BankIslami with 9.1 million shares,
    gaining Rs0.32 to close at Rs12.37.

    Foreign institutional investors were net sellers of Rs1.16 billion worth of


    shares during the trading session, according to data compiled by the National
    Clearing Company of Pakistan.

    Read more: Benchmark Index , KSE-100 , Latest


    Recommended Stories

     Market watch: Continuing its advance, KSE-100 gains for


    third session in a row

    Benchmark index rises 288.36 points to settle at 39,875.12


     Market watch: KSE-100 ends with trimmed gains after over
    600-point increase

    Benchmark index finishes 133.95 points higher to settle at 39,586.76

     Market watch:
    KSE-100 recovers from over 700-point plunge to end positive
    At close, index finishes with gain of 164.33 points to end at 39,452.81

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