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

Oct 7, 2022 (MLN): KSE-100 index witnessed providing pressure on Friday, getting rid of 75.32 details (.18%) to close at 42,085 just after building a superior of 42,384 in the to start with hour.

The providing tension emanated from the Moody’s downgrade of Pakistan’s area and foreign currency issuer and senior unsecured 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 claimed that the rating action by Moody’s is strongly contested by the Ministry of Finance as it was carried out unilaterally devoid of prior consultations and meetings with our groups from the Ministry of Finance and Condition Financial institution of Pakistan.

The prime three investing corporations were WorldCall Telecom with 365 million shares at Rs1.57, Telecard Confined with 23mn at Rs11.43 and TRG Pak Ltd with 21.7mn at Rs143.91 for each share

By the session’s conclude, the whole 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 damaging contributors ended up the oil & gas, technologies, and investment financial institutions which negatively contributed 84.94 factors. On the flip facet, the ability era firms shut the session favourable, gaining 14.97 points by the day’s conclusion.

Shares of 95 businesses have been traded on Friday, of which 54 recorded a fall, 38 registered an raise, whereas a few remain unchanged.

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

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