KSE-100 falls after New Zealand Cricket cancels Pakistan tour citing ‘safety issues’

Buyers sitting in the principle corridor of Pakistan Inventory Trade. — Reuters/File
  • Shares lose almost 300 factors to shut the session at 46,636.08 factors on Friday.
  • Buying and selling quantity drop to 387.3 million shares in comparison with 405.2 million shares traded on Thursday.
  • Shares of 525 listed corporations had been traded. On the finish of the session, 173 shares closed within the inexperienced, 327 within the purple.

KARACHI: After a day of respite, shares resumed a downward journey on Friday when the KSE-100 index shed one other 284.38 factors to shut at 46,636.08 resulting from New Zealand’s cancellation of its tour to the nation over safety issues.

The market opened optimistic and managed to remain within the inexperienced through the first session. Nonetheless, traders had been quickly gripped by worry because the State Financial institution of Pakistan (SBP) launched some main financial information through the second session.

In accordance with the SBP, the present account deficit rose to $1.5 billion in August in comparison with $0.8 billion in July. In the meantime, the overseas direct funding dropped by 10% 12 months on 12 months.

A report from Topline Securities famous that the strain within the second half of the buying and selling session may be attributed to the upcoming financial coverage announcement and “information that the New Zealand cricket crew, has deserted their tour of Pakistan and are making preparations to depart early citing safety concern.”

Buyers had been additionally cautious forward of the financial coverage announcement by the central financial institution on Monday (September 20).

KSE-100 intra-day curve.
KSE-100 intra-day curve. 

The benchmark KSE-100 index crawled down by 284.38 factors or 0.61% on Thursday, to shut at 46,636.08 factors.

Buying and selling quantity dropped to 387.3 million shares in comparison with 405.2 million shares traded on Thursday (September 16).

Through the session, shares of 525 listed corporations had been traded. On the finish of the session, 173 shares closed within the inexperienced, 327 within the purple, and 25 remained unchanged. 

WorldCall Telecom was the amount chief with 42.4 million shares, shedding Rs0.07 to shut at Rs3.25. It was adopted by TRG Pakistan with 25.2 million shares, shedding Rs2.61 to shut at Rs174.05, and Byco Petroleum with 20.9 million shares, gaining Rs0.14 to shut at Rs8.93.

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