February, 22, 2024
KSE-100 Falls in 5th Session Amid Election Uncertainty

KSE-100 Falls in 5th Session Amid Election Uncertainty

Infostani International- The KSE-100 index faced pre-election uncertainty, dropping below 64,000 points for the fifth consecutive session. Fluctuations ensued as early gains were offset by profit-taking amid political turmoil. Key contributors to the index fall included Meezan Bank and Engro Corporation. Positive mid-session support came from a 13% YoY increase in December 2023 home remittances and rising global crude oil prices. The index closed at 63,919.85 points, depicting a complex market influenced by political and economic factors.

KSE-100 Index Faces Pre-Election Uncertainty, Records Fifth Consecutive Bearish Session at 63,919.85 Points

The pre-election uncertainty that drove the benchmark KSE-100 index below the 64,000-point level on Wednesday was primarily to blame for the persistence of bearish sentiments in the stock market for the fifth session in a row. According to Topline Securities Ltd., stocks moved in both directions. At first, the record made an intraday high at 64,551 ( an increase of 380.37 places). Nonetheless, benefit-taking at the aforementioned level cleared out early gains. It saw an intraday low at 63,874 levels (a deficiency of 297 places).

Financial backers decided to do benefit taking in specific supplies of banks and manure areas in the setting of expanding political commotion and the shortfall of any sure triggers. Resultantly, Meezan Bank Ltd, Engro Corpo­ration, Bank Al Habib, Engro Compost Ltd, and Joined Bank Ltd aggregately contributed 182 focuses to the file fall. On the other side, Pakistan Tob­acco, Pakistan Petro­leum Ltd, and Indus Engine all in all additional 75 focuses.

Ahsan Mehanti of Arif Habib Enterprise said mid-meeting support was seen on playful information for home settlements rising 13 year-on-year to $2.4 billion in December 2023 and a flood in worldwide unrefined petroleum costs, which aided in trimming a few misfortunes. After losing 250.73 points, or 0.39%, over the previous session, the KSE-100 index ended the day at 63,919.85 points.

KSE-100 Falls in 5th Session Amid Election Uncertainty
The general exchanging volume flooded by 41.68pc to 636.16 million offers.

Robust Surge in Stock Market Activity: Trading Volume Soars by 41.68%, Reaching 636.16 Million Shares

The general exchanging volume flooded by 41.68pc to 636.16 million offers. The exchange worth likewise rose 46.40pc to Rs17.98bn on a day-on-day premise. Stocks contributing altogether to the exchanged volume included K-Elec­tric Ltd (151.24m offers), Hascol Oil Ltd (67.98m offers), World­call Telecom Ltd (42.06), Pak­istan Treatment Facility Ltd (34.99m offers) and Pak­istan Inter­national Air­lines Corpo­ration (29.33m offers).

Organizations enlisting the greatest expansions in their portion costs in outright terms were Pakistan Tobacco Organization Ltd (Rs79.00), Pak Suzuki Engine Organization Ltd (Rs58.32), Indus Engine Organization Ltd (Rs48.22), Bata Pakistan Ltd (Rs37.66) and Exide Pakistan Ltd (Rs30.69).

Rafhan Maize Products Company Ltd. (Rs448.00), Hoechst Pakistan Ltd. (Rs40.80), Khairpur Sugar Mills Ltd. Pakistan (Rs36.50), JDW Sugar Mills Ltd. (Rs29.93), and Faisal Spinning Mills Ltd. (Rs16.97) experienced the largest absolute declines in their share prices. Unfamiliar financial backers were net purchasers as they picked shares worth $0.29m.