Arab Today, arab today kse falls after below expectations rate cut
Last Updated : GMT 17:53:56
Arab Today, arab today
Arab Today, arab today

KSE falls after below expectations rate cut

Arab Today, arab today

Arab Today, arab today KSE falls after below expectations rate cut

Karachi - XINHUA

Investors resorted to book profits at Pakistan's Karachi Stock Exchange (KSE) on Monday after the central bank decision to cut its benchmark discount rate failed to inject confidence at the exchange while decline in international stock markets also dampened the market sentiments. The benchmark KSE 100-Index witnessed bearish trading activities for the second straight session as it declined by 0.65 percent or 102.38 points to close at 15,652.01 levels on Monday as against Friday's close of 15,754.39. The KSE All Share Index fell by 0.63 percent or 70.14 points to end at 11,046.10 levels, the KSE 30-Index slipped by 0.88 percent or 116.17 points to conclude at 13,097.69 levels, whereas the KMI 30-Index plunged by 1.13 percent or 317.73 points to finish the inaugural trading session of the week at 27,857.7 levels on Monday. Market commenced trading activities on a bullish note on Monday where the main index touched the intraday highest level of 15,854. 66 during initial minutes. However, the bullish momentum failed to sustain its position as investors didn't welcome the latest rate move by the State Bank of Pakistan. The State Bank of Pakistan, in its monetary policy for the months of October and November announced on Friday, cut its key discount rate by 50 basis points to 10 percent which according to analysts was below market expectations. The main index continued giving away value all day long where towards the end of the session it hit the lowest level of the day of 15,628.90 before closing just a shade higher. Market volumes declined by 26.913 million shares to 118.935 million shares on Monday as against 145.848 million shares recorded on Friday as most of the local individual investors divorced trading activities amid uncertainty following a below- expectations rate cut by the central bank. Market capitalization reduced by 23.990 billion rupees (252.530 million U.S. dollars) to 3.952 trillion rupees (41.604 billion U.S. dollars) on Monday, compared with 3.976 trillion rupees (41.856 billion U.S. dollars) reported last week. In broader market, a total of 326 companies changed hands during the course of trading on Monday where prices of 197 issues ended in red numbers, 112 were seen culminating trade in green digits, whereas values of 17 issues remained unchanged at Friday's levels. Pakistan Telecommunication Company Limited was the top traded company of the day with trading of 17.451 million shares in its scrip, followed by Nishat Mills Limited, Dera Ghazi Khan Cement, Karachi Electric Supply Company, Lafarge Pakistan, Nishat Chunian Limited, with turnovers of 10.037 million shares, 8.186 million shares, 7.875 million shares, 6.006 million shares, and 3.836 million shares, respectively. Colgate Palmolive emerged as the top price gainer of the day with increment of 30.20 rupees (31.78 U.S. cents) per share to close at 1,230.20 rupees (12.94 U.S. dollars) followed by Shezan International which grew by 18.23 rupees (19.18 U.S. cents) to end at 382.87 rupees (4.03 U.S. dollars). On the flip side, Rafhan Maize Products led the major price shedders of the day with decrement of 100 rupees (1.05 U.S. dollars) in per scrip rate that closed at 3,800 rupees (40 U.S. dollars) followed by Bata Pakistan Limited which fell by 54 rupees (56.84 U.S. cents) to finish the day at 1,070 rupees (11.26 U.S. dollars).  

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