KSE-100 sheds 561 points

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Zubair Yaqoob

Karachi

The benchmark KSE-100 index of Pakistan Stock Exchange (PSE) witnessed sluggish on first trading day. KSE-100 declined 560.82 points or (-1.37%) closed at 40,326. Market declined further despite positive news triggers from Governance Summit in UAE, where the PM addressed the business community and GCC leaders. The investors didn’t pay heed to the support that IMF gave in the discussions with PM, which was held on the sidelines of the Summit. Another blow came from Moody’s downgrade of Pakistani Banks, which caused panic selling among investors, resulting in a plunge towards 40,300. Analysts at Arif Habib Limited said that the selling was witnessed across the board, and none of the sectors were spared from decline. Though the traded volume was not impressive, majority of the volumes were seen in Power (KEL), Cement (MLCF) and Banks (BOP). Decline in Banking sector was largely contributed by HBL and UBL. The Index closed at 40,327pts as against 40,887pts showing a decline of 561pts (-1.4% DoD).

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