Market Daily: KSE 100 hits another 52-week intraday low

The market recovered after Thursday’s bloodbath by gaining 295.34 points to settle above 39,000 at 39080 points

LAHORE: After Thursday’s bloodbath with KSE 100 shedding well over 1,100 points, the Pakistan Stock Exchange (PSX) ended last trading session of the week with an early morning dip The recovery only came after the KSE 100 index dropped down below 39,000 to mark a fresh 52-week low. Not to forget, the index recorded the previous 52-week in the last session. Friday’s intraday low of 38,431 was last seen in mid-2016.

Pakistan’s Benchmark KSE-100 index fell 2.3 per cent or 930 points week on week basis to close just above 39,000 mark, its lowest weekly closing in 74 weeks. This week has been extremely volatile for the market as the market shed points throughout the week.

The KSE 100 index which stood at 40,049.80 at the close of the previous week ended this one at 39,080.00. Political uncertainty dented investor sentiments throughout the week. The KMI 30 index wrapped up the week at 67,013.48 gaining 521.17 points on Friday while the KSE All Share Index settled up 222.99 points at 28,895.65. The advancers to decliners ratio stood at 158 to 175.

Similar to the stock market, the Pakistani rupee fell early Friday morning touching Rs 108.50- Rs 109 per US dollar. Both international and local analysts have been warning that currency devaluation is soon to come, although government officials have denied time and again denied.

Food and personal care sector added the most, 3.21 per cent, to its market capitalisation as Nestle Pakistan Limited (NESTLE +5.00 per cent) hit the upper circuit breaker and National Foods Limited (NATF) appreciated by 4.42 per cent.

Oil and Gas Exploration Sector topped its market capitalisation by 1.66 per cent, the commercial bank sector’s cumulative market cap was higher by 1.53 per cent and the cement sector crawled up 0.08 per cent. The oil and gas marketing sector and refinery sector dripped 1.61 per cent and 3.22 per cent respectively off their market cap.

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