MARKET CLOSING - 22ND SEP 2021
During today session the benchmark index shredded 1,200 pts in the intra trading amid to heavy selling pressure. However the index started it’s recovery during the later part of the session as the index lost 411.16pts(-0.89%), much of which can be attributed to the global as well as local market’s uncertainty. On the global front China’s real estate giant Evergrande are expected to default coupled speculation over FED’s Tapering. This has caused the global investors to take a step back and evaluate the global economic outlook. On the other side of the Picture, margin calls have triggered the panic selling from local investors. Moreover, Pakistan current account has swelled up, on the back of vigorous domestic demand, escalating dollar prices and an inflated commodity market. To add fuel to the fire, the LSM index has contracted by 4 % on month-on-month bases and inadequate rainfall may hamper Rabi crop cultivation. During the day intraday trading saw a high of 46,031.89 and a low of 44,788.17, as the key index closed at 45,597.24. The all share index stood at 583mln, significantly higher than previous days. The volume leaders for today were WTL(91mln), ANL(36mln), HUMNL(34mln), BYCO(33mln) and TELE(27mln).