Pakistan Stock Exchange remains bullish

By: News Desk      Published: 04:48 PM, 2 Dec, 2020
Pakistan Stock Exchange remains bullish

It was another profitable day for the Pakistan Stock Exchange as the KSE-100 Index surged by 362.11 points and reached the level of 42,027.38 by the time trading was closed.

The latest performance came after the index was up by 596.45 points a day earlier. It means the market has made an overall gain of 2,394.86 points since November 23 when the KSE-100 Index had dipped to 39,632.52.

But it is still below the 42,647.35 mark achieved on September 10 after a rally that had started in July and continued through August till that point. 

On Wednesday, the trading volume stood at 475,881,851 which over 2 percent less than the previous session.

With a total of 369 companies available for trading, the share prices of 214 entities went up. However, there was a reduction in the case 118 with no change recorded for the remaining 37.

Unity Foods is continuing with its remarkable run and remains a hotcake as it was again the most active stock with the trading of 39,683,000 shares.

A year ago on this very date, its share price was Rs13.21 which has now touched Rs27.20 – an over 100% increase – despite tumbling to the level Rs7.89 on March 24 during a period when the market witnessed a bloodbath.  

Similarly, the second-placed TRG Pakistan had its share value jumping to Rs71.25 from the December 2, 2019 level of Rs24.30, reflecting an over 290 percent surge in a year.

However, Pakistan Refinery – the third most active stock – saw its share price going down to the current level of Rs19.63 from Rs23.76 during the same period. However, it has performed well since March 25 this year when its value had dipped to Rs9.50.

On the other hand, Abdullah Shah Ghazi Sugar Mills, Dewan Sugar Mills and Dewan Textile Mills were the top advancers on Wednesday with their respective share prices increasing by 32.79 percent, 23.02 percent and 11.11 percent.

It is worth mentioning that the share price of Dewan Sugar Mills was down by 8.62 percent on the previous day.

However, Trust Modaraba proved to be the worst performer among the 118 companies shedding their share prices. Its value was reduced by 16.77 percent followed by Saudi Pak Leasing Company 16.67 percent and First Punjab Modaraba 11.60 percent. 

The latest losses suffered by Saudi Pak Leasing Company came a day after its share price made a gain of 12.23 percent.