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

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 factors (.18%) to near at 42,085 immediately after making a higher of 42,384 in the to start with hour.

The providing tension emanated from the Moody’s downgrade of Pakistan’s area and foreign forex issuer and senior unsecured credit card debt rankings to Caa1 from B3 and senior unsecured MTN programme to (P)Caa1 from (P)B3.

Addressing the Moody’s action, 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 the need of prior consultations and meetings with our groups from the Ministry of Finance and Condition Financial institution of Pakistan.

The leading 3 investing corporations were 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 every share

By the session’s end, 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 damaging contributors ended up the oil & gas, engineering, and financial investment banking companies which negatively contributed 84.94 factors. On the flip facet, the electric power generation firms shut the session good, gaining 14.97 points by the day’s conclude.

Shares of 95 companies had been traded on Friday, of which 54 recorded a fall, 38 registered an improve, whereas a few continue being unchanged.

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

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