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

October 7, 2022 (MLN): KSE-100 index witnessed advertising stress on Friday, shedding 75.32 points (.18%) to close at 42,085 right after creating a significant of 42,384 in the very first hour.

The providing force emanated from the Moody’s downgrade of Pakistan’s area and international forex issuer and senior unsecured personal debt scores to Caa1 from B3 and senior unsecured MTN programme to (P)Caa1 from (P)B3.

Addressing the Moody’s action, Finance Minister Ishaq Dar explained that the rating action by Moody’s is strongly contested by the Ministry of Finance as it was carried out unilaterally with no prior consultations and conferences with our groups from the Ministry of Finance and Point out Lender of Pakistan.

The major a few trading providers were being 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 for every share

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

In phrases of sectors, most of the negative contributors ended up the oil & gasoline, technologies, and financial commitment financial institutions which negatively contributed 84.94 points. On the flip facet, the power era organizations shut the session positive, getting 14.97 points by the day’s close.

Shares of 95 firms had been traded on Friday, of which 54 recorded a tumble, 38 registered an maximize, whereas a few keep on being unchanged.

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

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