MARKET CLOSING - 23RD SEP 2021
The bloodbath continues as the KSE 100 index shredded 300.36(-0.66%DOD). The index commenced the day on an optimistic note, however during the session the investor sentiment dampened. The all shares volume stood at 443mln, depicting investor caution towards taking new exposure. The intraday trading floated between a high of 45,939 pts to 45,083. The sharp corrections are a byproduct of uncertainty related to the global markets and IMF meeting. On the global front, European energy sector is facing a supply shock largely due to the climate deviations. Furthermore, the as expected the Federal Reserve raised the Fed Funds rate from a range of 1.25% – 1.50% to 1.50% – 1.75% yesterday. On the other side of the spectrum, Raza Bakir addressed his concerns over escalating demand which is depicted from hike in policy rate and growing current account deficit. This coupled with the uncertainty regarding the IMF meeting has created selling pressure amongst the investors. The volume leaders for the day were WTL(89mln), HUMNL(29mln), TELE(23mln), TREET(19mln) and BYCO(14mln).