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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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