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 providing force on Friday, shedding 75.32 details (.18%) to close at 42,085 right after earning a large of 42,384 in the initially hour.

The offering pressure emanated from the Moody’s downgrade of Pakistan’s regional and foreign forex issuer and senior unsecured financial 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 score action by Moody’s is strongly contested by the Ministry of Finance as it was carried out unilaterally devoid of prior consultations and conferences with our groups from the Ministry of Finance and Point out Lender of Pakistan.

The top 3 trading companies were WorldCall Telecom with 365 million shares at Rs1.57, Telecard Limited with 23mn at Rs11.43 and TRG Pak Ltd with 21.7mn at Rs143.91 for each share

By the session’s end, the total 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 negative contributors were being the oil & gasoline, technological innovation, and expenditure banking institutions which negatively contributed 84.94 details. On the flip facet, the power technology corporations closed the session good, gaining 14.97 details by the day’s conclude.

Shares of 95 providers ended up traded on Friday, of which 54 recorded a slide, 38 registered an boost, whereas a few stay unchanged.

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

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