Bears pushed KSE-100 below 40K

Staff Reporter

Karachi

The bloodbath in the KSE-100 index aggravated this week as despondency in the investor sentiment persisted, primarily in blue chips. Concerns on the economic front continued to haunt the index as the country’s SBP reserves fell to a 4 year low. Banking scrips failed to attract attention despite the 100bps rate hike by SBP over the weekend as selling pressure prevented any positive returns. On the last trading day, the market took the biggest nosedive of the week and closed at -861 points which was aggravated towards the end of the session as news of Shahbaz Sharif’s arrest by NAB came in. The index declined 4.32% WoW and settled at 39,226 points, a 9 month low. The sector wise activity was led by Commercial Banks (-525pts), Cements (-217pts), Oil & Gas Exploration Companies (-151pts), Oil & Gas Marketing Companies (-146pts), and Fertilizers (-116pts). Scrip-wise, the downside was led by HBL (-145pts), MCB (-105pts), UBL (-94pts), LUCK (-89pts), and OGDC (-77pts). Foreign selling continued this week clocking-in at USD 8.4mn compared to a net sell of USD 9.4mn last week. Selling was majorly witnessed in Food and Personal Care Products (USD 3.6mn) and Commercial Banks (USD 3.2mn). On the domestic front, major buying was reported by Companies (USD 5.2mn) and Insurance Companies (USD 4.6mn).

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