Pakistan Stock Exchange cautious and stable after yesterday’s losses
September 9, 2020 06:06 PM
A day after suffering huge losses, the Pakistan Stock Exchange managed to see stability and avoided further downward movement, as the KSE-100 Index closed the Wednesday session at 42,022.25 after gaining 37.06 points.
But the cautious market saw its trading volume reduced by over 20 percent which stood at 399,119,287 shares against the previous day’s level of 514,878,894.
Earlier on Tuesday, the share market took a big hit with the KSE-100 Index shedding 310.56 points and closing at 41,985.19.
With 376 companies offering their shares for trading on Wednesday, the share values of 199 went up and of 163 tumbled with no change in the value of 21.
Hascol Petroleum Limited proved to be the most active stock on the second consecutive day with 75,616,000 share traded. But its share price was again reduced by 1.21 percent. On Tuesday, the company’s 134,038,500 shares were traded and its share price had been slashed by 7.47 percent.
The next entity on the list was Pakistan Telecommunication Company Limited with 63,041,000 shares.
However, 57,235,500 shares of Pakistan International Bulk Terminal Limited, which was placed second on Tuesday, changed hands. But its price was up by 1.15 percent after losing 1.74 percent a day earlier.
On the other hand, the biggest gainer of the day was Telecard Limited whose share price was up by whopping 44.74 percent. The company was also ninth in terms of trading volume, thus enjoying a great session.
It was followed by Unicap Modaraba and Dewan Sugar Mills Limited as their share prices went up by 36.76 percent and 29.90 percent respectively.
Meanwhile, the three worst performers in terms of shedding their share prices were SME Leasing Limited, Dar-es-Salam Textile Mills Limited and Security Investment Bank Limited a cut of 12.83 percent, 12.82 percent and 11.25 percent respectively.
The latest performance means that the overall gains made by the KSE-100 Index so far this month have now been reached 1,076.43.
Since the start of July, the share market has managed to successfully cut the losses suffered earlier in March when the index was down by over 11,000 points. The next three months saw some progress but there was nothing significant.
However, the market regained confidence and started moving in the right direction in July and August and now in the current month.