Directionless trading at Pakistan Stock Exchange
May 8, 2020 06:07 PM
The Pakistan Stock Exchange is clearly short of any momentum as it ended the trading in red zone on Friday as the KSE-100 Index shed 36.47 points and closed at 33,267.69.
The session shortened session because of the weekly Friday prayers witnessed the share prices of 143 companies going down and that of 134 making some gains. Meanwhile, the share value of 25 remained unchanged.
The index was at 33,304.16 when the session started, but quickly jumped to 33,501.30. However, it couldn’t sustain these gains.
The latest poor session came on the back of the KSE-100 Index shedding 424.02 points a day earlier.
A total of 62,919,264 shares were traded on Friday after which the total percentage loss faced by the KSE-100 Index since January 1 currently stands at 18.33 percent.
The automobile sector once again suffered losses as the Indus Motors saw its shares losing value by Rs30.19. However, the majority in cement sector earned some profit while the oil and gas sector like some others had a mixed day.
With most of the companies, whose shares were traded during the day, experiencing a cut in their share prices yet again, the confidence in the stock market and overall economy can’t be developed amid uncertain economic environment at domestic, regional and international level.