Finance

Karachi Interbank Offered Rate reaching 13 year high

Karachi, April 26, 2022: Pakistan Stock Exchange (PSX) witnessed a volatile secession today, KSE-100 index opened on a positive note but failed to sustain the green zone due to 6M Karachi Interbank Offered Rate (KIBOR) reaching a 13 year high of 14.10 percent which pulled the market down towards the red zone giving the bears an upper hand in the market. The secession remained dull although hefty volumes were observed in the 3rd tier stocks.

The Index closed at 45,817.67 points, down by 255.58 points (-0.5 percent DoD). Sectors contributing to the performance include E&P (-64.6 points), Technology (-38.7 points), Power (-36.03 points), and Cement (-33.2 points).

Read More: IMF successful resumption helps index remain in green zone whole day

Volumes decreased from 368.8 million shares to 210.2 million shares (-43.0 percent DoD). The average traded value also decreased by 35.6 percent to reach US$ 33.5 million as against US$ 52.1 million.

Stocks that contributed significantly to the volume are GTECH, LOTCHEM, HU MILLIONL, WTL and TELE.

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