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KSE-100 falls over 200 points as political uncertainty rattles market

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3 years ago

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  • At close, benchmark KSE-100 index lost 200 points, or 0.46%, to end session at 43,653.33 points.
  • Stocks of 332 companies were traded, of which 110 gained in value, 205 declined, and 17 remained unchanged.
  • Arif Habib Ltd says market had opened in green zone and stayed volatile throughout day.

KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a negative note with benchmark KSE-100 closing in the red due to the political unrest in the country in the backdrop of the no-confidence motion against Prime Minister Imran Khan.

The recovery of the rupee against the US dollar, remittances data, and decline in the international oil prices failed to attract market participants, who remained wary of the overall political situation.

At close, the benchmark KSE-100 index lost 200 points, or 0.46%, to end the session at 43,653.33 points.

Arif Habib Limited, in its post-market commentary, noted that the market had opened in the green zone and stayed volatile throughout the day. It added that the range-bound session was observed due to the “political unrest and overheated commodities cycle”.

Sectors contributing to the performance included commercial banks (-43.0pts), exploration and production (-42.0pts), cement (-40.1pts), power (-30.0pts) and oil marketing companies (-19.5pts).

Stocks of 332 companies were traded, of which 110 gained in value, 205 declined and 17 remained unchanged.

Overall trading volumes dropped to 149.29 million shares compared with Thursday’s tally of 271.90 million. The value of shares traded during the day was Rs5.26 billion.

TPL Properties was the volume leader with 12.27 million shares traded, losing Rs1.26 to close at Rs22.46. It was followed by Pak Elektron with 11.9 million shares traded, losing Rs0.67 to close at Rs1.82, and TPL Corporation with 9.39 million shares traded, gaining Rs0.03 to close at Rs10.06.

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Business

Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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9 hours ago

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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9 hours ago

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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10 hours ago

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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