KSE 100 index plunges below 40,000 levels

Amanullah Khan
Karachi
KSE-100 Index plunged below 40,000 levels with a drop of over 390 points to close in red at 39846 levels here on the last trading session of the week on Friday. The depressed market sentiments owing to ongoing political situation in the country added concerns with the appreciation of dollar which increased the open-market rate to Rs107.50. However, the State Bank of Pakistan (SBP) has said they will not decrease the value of the Rupee. A delegation of the Forex Association called on SBP Foreign Exchange Executive Director Irfan Ali Friday and expressed concern at the rise of the dollar rate in the open market. Meanwhile the international oil prices also fell initially as the market was pressured by a bearish outlook by the International Energy Agency, which lowered its forecast for oil demand for 2018. The losses, however, were recovered after U.S. crude oil inventories data which showed a decline in inventories and production, pointing towards a tightening market. The market volume at PSX also remained on the lower side at 153 million all shares where power related stocks led the volumes as K Electric once again was the volume leader of the day with a trade of 13 million shares to its credit. The other two volume leaders of the day were including Maple Leaf Cement and TRG with trade volumes of 8 million and 7.95 million shares to their credit respectively

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