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KSE100 Index today lost 441 points and closed at 42,592 down 1.02%.This week KSE100 Index lost 1.6%. This was first weekly loss in August. Today the Index closed below 100 day moving average. A number factors impacting PSX negatively;

  • The Rupee losing ground as USD gains strength against most world currencies.
  • Oil strong after Saudi comment of physical market being tight.
  • Taxes on petroleum product will increase pump price.
  • Worsening rains and flood situation to impact public finances and the economy.
  • Higher electricity charges and other energy-related issues.
  • Low dividend by PSO and omission by Hubco also impacted sentiments.
This week 'Banks' were top net buyers of $ 4mn followed by 'Individuals' who were net buyers of $3.8mn. 'Insurance' as usual were net sellers of $5.06mn followed by 'Funds' $3.5mn. "Foreigners' remained net sellers, however, did not show any selling pressure.

A number of Middle Easten countries (Saudia, UAE, Qatar,, Oman) have shown interest in making investments in Pakistan, in infrastructure, oil refining and hospitality projects.

PSO announces just Rs. 10/- cash dividend. EPS Rs. 184, three times than last year.
Lucky Cement to buy back 10mn shares. link. This is not good for the market in general. Companies should be encouraged and provided conducive investment for new projects.

Brent slightly eased but is above $100

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