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

Oct 7, 2022 (MLN): KSE-100 index witnessed advertising force on Friday, getting rid of 75.32 details (.18%) to near at 42,085 soon after earning a high of 42,384 in the very first hour.

The providing strain emanated from the Moody’s downgrade of Pakistan’s local and international currency issuer and senior unsecured financial 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 claimed that the ranking 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 teams from the Ministry of Finance and State Lender of Pakistan.

The top rated a few trading firms have been WorldCall Telecom with 365 million shares at Rs1.57, Telecard Restricted with 23mn at Rs11.43 and TRG Pak Ltd with 21.7mn at Rs143.91 for every share

By the session’s end, the overall 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 negative contributors ended up the oil & fuel, technological know-how, and expenditure financial institutions which negatively contributed 84.94 details. On the flip side, the energy technology companies shut the session constructive, attaining 14.97 details by the day’s conclusion.

Shares of 95 businesses have been traded on Friday, of which 54 recorded a fall, 38 registered an maximize, while three continue being unchanged.

Copyright Mettis Hyperlink News

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

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