Economy

Monetary tightening drags index by 1,214 points

Karachi, July 20, 2019: During the outgoing week, the benchmark index lost 1,214 points; down by 3.60 percent WoW to close around 32,459 points. According to Topline, Market Weekly Data Equities remained under pressure during the first 2 sessions of the week owing to an expected hike in.

While during the week, SBP raised the policy rate by 100bps up to 13.25 percent in the last 8 years. Continuous Monetary tightening by has resulted in a lack of fresh participation in equities as interest is shifting towards fixed income securities.

KSE-100 Index Change percent 32,458.77 -3.6 percent (1,214) 6.6 -3.4 percent 41.1 -4.2 percent 105.7 3.7 23.4. The weekly sector data that E&P sector depleted 227 points from the index, followed by commercial banks & fertilizer sector which cumulatively dragged the index by 329 points.

Change (Points) Market Cap (Rs 1-Week Change percent Market Cap (US$ 1-Week Change percent 1-Week Avg. Daily Vol (shares 1-Week Avg. Daily Value (Rs bn) 1-Week Avg. Daily Value US$ Source: PSX During the week, average volumes of Maple Leaf Cement Factory (MLCF) ~11mn shares, followed by TRG Pakistan Ltd (TRG) with 10mn shares & K-Electric Limited (KEL) with 9.4 shares.

Based on NCCPL data, foreigners remained net buyers amounting to US$227 million. On the local’s side, Mutual Funds remained net seller of US$54 million, respectively. Important News, Views & Corporate Announcements.

An Islamabad accountability court has rejected a National Accountability Bureau (NAB) application seeking legal proceedings against Maryam Nawaz for using a bogus trust deed in the Avenfield case.

KSE Volume & Value Italian oil major Eni, China’s overseas energy unit PetroChina and two trading houses are vying to supply liquefied natural gas (LNG) to Pakistan in one of the largest tenders ever worth billions of dollars The 240-cargo 10-year tender, which is likely to be worth from $5 billion to $6 billion according to Reuters calculations. 140, 113, 85, 58, 30, 30, 25, 20, 15, 10, 5.

The Senate special committee on the China-Pakistan Economic Corridor was informed that the Ministry of Planning, Development and Reforms and the Ministry of Finance had not shared any documents with the International Monetary Fund (IMF) on CPEC and its financial uptakes and deficits in of payments.

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