KSE-100 tumbles 379 points, closes below 47,000 over negative triggers

The KSE-100, a benchmark index for market performance, tumbled 379 points on Tuesday, closing below the 47,000 level as negative triggers dominated at the Pakistan Stock Exchange (PSX).

At close, the KSE-100 finished with a drop of 379.12 points or 0.80% to settle at 46,891.34.

The index started off in the green, gaining over 100 points before the slide began. In intra-day trading, the KSE-100 went as low as 46,608.78 for a fall of 662 points before recovery began in the final hour.

“Market tumbled today mainly as a result of redemptions at mutual funds' end. On the other hand, negative news triggers on slippage of PKR parity with USD, US State Secretary's hint on revisiting US-Pakistan relations and pending IMF review had bearing on the Index,” said Arif Habib Limited in its post-market comment.

It added that the refinery sector also faced an onslaught with failure in approval of the Refinery Policy.

Incentives for refineries not approved by CCoE

The upcoming monetary policy announcement, due on September 20, is also keeping investors jittery.

SBP rolls out advance calendar of MPC meetings

On the market front, DG Khan Cement Company Ltd released its 4QFY21 financial result, posting a profit after tax of Rs873 million (EPS: Rs1.99), compared to a loss of Rs308 million (LPS: Rs0.70) in the same period last year.

KSE-100 closes marginally positive after range-bound session

On Tuesday, sectors dragging the benchmark KSE-100 index lower included cement (90.02 points), technology and communication (55.76 points), and refinery (52.55 points).

Volume on the all-share index increased from 395.84 million on Monday to 479.79 million on Tuesday. The value of shares traded, however, declined during the session, amounting to Rs15.04 billion from Rs16.19 billion.

Byco Petroleum was the volume leader with 71.67 million shares, followed by Telecard Limited with 51.43 million shares, and WorldCall Telecom 25.35 million shares.

Shares of 525 companies were traded on Tuesday, of which 102 registered an increase, 411 recorded a fall, while 12 remained unchanged.