ECC okays Rs37.3bn for clearing outstanding liabilities of utility companies

June 03, 2022 (MNL): Owing to the economic concerns, the capital market on Friday witnessed a bloodbath as investors opted to remain cautious. Thus, the trading bourse endured huge selling pressure which forced the benchmark KSE-100 index to lose 923.03 points to close at 41,314.88.

Meanwhile, Moody’s Investors Service (Moody’s) on Thursday downgraded Pakistan’s outlook to negative from a stable which also shattered investors’ confidence.

Investors’ sentiments were also affected by the continuous decline in foreign exchange reserves and a jump in trade deficit by 7/12% MoM/YoY to $4 billion in May 2022.

Throughout the day, the index traded in a range of 1165.70 points or 2.76 percent of the previous close, showing an intraday high of 42,311.05 and a low of 41,145.35.

Of the 90 traded companies in the KSE100 Index 8 closed up 81 closed down, while 1 remained unchanged. The total volume traded for the index was 130.02 million shares.

Sector-wise, the index was let down by Commercial Banks with 177 points, Cement with 132 points, Fertilizer with 96 points, Technology & Communication with 79 points, and Oil & Gas Exploration Companies with 72 points.

The most points taken off the index was by MTL which stripped the index of 69 points followed by HBL with 54 points, FFC with 46 points, LUCK with 45 points, and HUBC with 35 points.

Sectors propping up the index were Insurance with 1 point.

The most points added to the index were by INDU which contributed 21 points followed by COLG with 8 points, ATLH with 2 points, and AICL with 1 point.

All Share Volume increased by 68.39 Million to 225.39 Million Shares. Market Cap decreased by Rs.111.02 Billion.

Total companies traded were 335 compared to 345 from the previous session. Of the scrips traded 61 closed up, 262 closed down while 12 remained unchanged.

Total trades increased by 17,501 to 98,788.

Value Traded increased by 0.70 Billion to Rs.5.99 Billion

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