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KSE-100 index loses 75.32 points on Moody’s downgrade – Mettis Global Link

KSE-100 index loses 75.32 points on Moody’s downgrade - Mettis Global Link

Oct 7, 2022 (MLN): KSE-100 index witnessed selling stress on Friday, losing 75.32 points (.18%) to close at 42,085 soon after making a high of 42,384 in the initially hour.

The marketing tension emanated from the Moody’s downgrade of Pakistan’s nearby and international currency issuer and senior unsecured credit card debt rankings to Caa1 from B3 and senior unsecured MTN programme to (P)Caa1 from (P)B3.

Addressing the Moody’s motion, Finance Minister Ishaq Dar stated that the ranking motion by Moody’s is strongly contested by the Ministry of Finance as it was carried out unilaterally with no prior consultations and conferences with our groups from the Ministry of Finance and State Bank of Pakistan.

The major a few investing providers ended up WorldCall Telecom with 365 million shares at Rs1.57, Telecard Minimal with 23mn at Rs11.43 and TRG Pak Ltd with 21.7mn at Rs143.91 for each share

By the session’s close, the complete volumes of the KSE-100 index stood at 104mn shares, down 35.21% from 161mn shares traded in Thursday’s session.

In conditions of sectors, most of the adverse contributors have been the oil & gas, engineering, and financial commitment banking institutions which negatively contributed 84.94 factors. On the flip side, the electrical power generation companies closed the session favourable, getting 14.97 factors by the day’s conclude.

Shares of 95 firms had been traded on Friday, of which 54 recorded a fall, 38 registered an improve, while a few stay unchanged.

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Posted on:2022-10-07T18:12:07+05:00