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

Oct 7, 2022 (MLN): KSE-100 index witnessed selling stress on Friday, getting rid of 75.32 points (.18%) to near at 42,085 right after building a superior of 42,384 in the 1st hour.

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

Addressing the Moody’s motion, Finance Minister Ishaq Dar reported that the score action by Moody’s is strongly contested by the Ministry of Finance as it was carried out unilaterally without having prior consultations and conferences with our teams from the Ministry of Finance and Point out Lender of Pakistan.

The prime 3 investing businesses had been WorldCall Telecom with 365 million shares at Rs1.57, Telecard Constrained with 23mn at Rs11.43 and TRG Pak Ltd with 21.7mn at Rs143.91 for each share

By the session’s conclude, the complete volumes of the KSE-100 index stood at 104mn shares, down 35.21% from 161mn shares traded in Thursday’s session.

In conditions of sectors, most of the unfavorable contributors have been the oil & gas, know-how, and expenditure banks which negatively contributed 84.94 factors. On the flip side, the electricity generation providers closed the session optimistic, attaining 14.97 factors by the day’s close.

Shares of 95 firms had been traded on Friday, of which 54 recorded a tumble, 38 registered an enhance, whereas three continue to be unchanged.

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

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