Daily Times

The benchmark KSE-100 Index fell by 0.63 percent on Thursday, while both volume and value of shares traded fell sharply, putting further pressure on the Pakistan Stock Exchange (PSX).

While the Pakistani rupee continued to depreciate, it fell 0.56 percent in inter-bank trading on Thursday, the fourth consecutive day of declines. The rupee depreciated by Rs1.05, or 0.56 percent, to end the day at 186.97, according to the State Bank of Pakistan (SBP). The rupee has depreciated by Rs5.42 (2.9 percent) in the last four trading sessions.

The benchmark index hit a new intra-day high of 46,067 points, an increase of 124 points. In the end, profit-taking sent the index down to a new low of 45,598 points, a drop of 343 points.

290.54 points, or 0.63 percent, were knocked off the KSE-100 Index by the time trading ended.

Crude oil prices surged in the last few minutes of trading after Pakistan Refinery Limited published strong financial results that exceeded analysts’ forecasts. Although the rupee’s depreciation against the dollar continued, the market was still under pressure from rising market treasury bill yields and worries about additional depreciation.

When it comes to Engro Corporation Limited’s 1QCY22 financial results, the company reported a net profit of Rs8 billion and earnings per share (EPS) of Rs13.84, a decrease of 4 percent YoY from the Rs8.3 billion and EPS of Rs14.47 recorded during the same period last year.

According to a statement by Nimir Industrial Chemicals Limited, its Chlor Alkali (Caustic Soda) factory has begun commercial operations after completing the first phase of its development.

Banks (61.8 points), E&P (37.3 points), fertilizer (35.3 points), cement (34.7 points), and technology were some of the sectors that dragged down the benchmark index (32.1 points).

As of Thursday, the all-share index volume was down substantially from the previous day’s total, which stood at 235.4 million. Also, the value of shares traded decreased from Rs8.01 billion to Rs5.62 billion.

Following Cnergyico PK and Pak Refinery were Lotte Chemical and Cnergyico PK with 19.98 million and 12.9 million shares of stock, respectively,

On Thursday, 311 businesses’ shares were traded, with 92 rising, 198 falling, and 21 remaining constant.