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

October 7, 2022 (MLN): KSE-100 index witnessed selling pressure on Friday, losing 75.32 points (0.18%) to close at 42,085 after making a high of 42,384 in the first hour.

The selling pressure emanated from the Moody’s downgrade of Pakistan’s local and foreign currency issuer and senior unsecured debt ratings to Caa1 from B3 and senior unsecured MTN programme to (P)Caa1 from (P)B3.

Addressing the Moody’s action, Finance Minister Ishaq Dar said that the rating action by Moody’s is strongly contested by the Ministry of Finance as it was carried out unilaterally without prior consultations and meetings with our teams from the Ministry of Finance and State Bank of Pakistan.

The top three 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 per 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 terms of sectors, most of the negative contributors were the oil & gas, technology, and investment banks which negatively contributed 84.94 points. On the flip side, the power generation companies closed the session positive, gaining 14.97 points by the day’s end.

Shares of 95 companies were traded on Friday, of which 54 recorded a fall, 38 registered an increase, whereas three remain unchanged.

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

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