Saturday, October 23, 2021

Economic headwinds pull KSE-100 index down - Geo News

Last updated Wednesday, October 6, 2021 09:58 ET , Source: TopWireNews

Benchmark KSE-100 sheds 293.34 points to settle at 44,373.23 on Wednesday.
Volumes decline from 334.6 million shares to 252.8 million shares.
Ripple effects of selling in cyclical as well as oil and gas chains were observed in overall market performance.
KARACHI: The Pakistan Stock Exchange (PSX) continued its descent on Wednesday, shedding nearly 300 points as the market reacted to the repercussions of economic uncertainty.
Investors' sentiment was dented due to a surge in the trade deficit, which widened 100% in July-September 2021 on a year-on-year basis.
Moreover, a drop in cement sales and a depreciating currency took a toll on the investment climate and market participants opted to trade cautiously.
The benchmark KSE-100 index edged down by 293.34 points, or 0.66%, to settle at 44,373.23.
A report from Arif Habib Limited noted that selling pressure continued unabated at the bourse, "courtesy of foreign investors."
“Eye-watering commodity prices, especially coal, have had their bearing on cement and steel sector stocks and had ripple effects on oil and gas marketing companies, exploration and production sectors due to concerns over a potential increase in circular debt emanating from rising energy costs,” it said.
The report highlighted that a major condition from the International Monetary Fund (IMF) for resumption of the $6 billion loan programme is an upward revision in electricity tariff, besides an end to subsidies and increase in tax revenues.
“These measures in...

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