PSX: Moody’s downgrading lets bears invade the bourse!

KARACHI: Benchmark KSE-100 Index closed in the red (42,395) shedding more than 400 points as bears invaded the bourse due to *Moody’s downgrading of Pakistan’s outlook from stable to negative.  

Rs. 9.33b worth of 241.7m shares were traded on the second last trading day of the week. Value of the shares of 259 companies plummeted, 57 augmented while 14 remained stagnant. Power Generation and Commercial Banking Sectors led the trade today with 49.3m and 47.6m shares respectively.

Top five traders of shares today were: K-Electric Ltd., 48.3m shares (-2.48pc); Summit Bank Ltd., 22.0m shares (-1.36pc); Pakistan Intl. Bulk Terminal Ltd., 16.4m shares (+9.01pc); TRG Pakistan Ltd., 9.6m shares (-0.52pc); Power cement Ltd., 9.4m shares (-2.73pc).

*It is pertinent to mention here that citing heightened external vulnerability risk Moody’s has downgraded the outlook on Pakistan’s credit rating from stable to negative. Moody’s had further observed that foreign exchange reserves had fallen to low levels and absent significant capital inflows, would not be replenished over the next 12-18 months.

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.