Karachi, October 01, 2021 (PPI-OT): KSE100 once again closes at a loss

The KSE100 closed today at a level of 44,872, registering a loss of 202 points (-0.4%) over last Friday. This marks the third Friday that the index close negative on a weekly basis. Average daily traded volumes declined by 7.5% wow to 355mn shares while value traded averaged at US$76mn per day. A substantial portion of the net selling by foreign investors was absorbed on the local side by Banks and Insurance Companies. On the news front, the Paris Club extended Pakistan’s debt payment deadline of US$1bn until Dec-2021.

Moreover, news flows have given rife speculations that Pakistan entered into an agreement to get oil on deferred payments from Saudi Arabia that may likely relieve some pressures on import bill. Internationally, coal prices have continued to rise beyond US$200/ton, more than the levels last seen in Global Financial Crisis of 2008, causing cement sector to be a leading laggard during the week. On the revenue front, the FBR has collected Rs1.395trn in taxes during the first quarter of the fiscal year, exceeding its target by Rs186bn and showing 38% growth from PKR 1.011tn collected in the same period last year. The SBP reserves declined US$248.9mn to US$19.29bn in the week ended 24th September 2021.