Bloodbath continues at Pakistan Stock Exchange

By: News Desk      Published: 05:30 PM, 2 Oct, 2020
Bloodbath continues at Pakistan Stock Exchange

It was another session of huge losses for the Pakistan Stock Exchange which experienced more carnage as the KSE-100 shed over 600 points on Friday, ending a miserable week on an even more heart-breaking note.

The current week had started with the index going south by losing 960.28 points on Monday when PML-N President Shehbaz Sharif’s arrest triggered panic in the market.

Hence, the KSE-100 Index lost 1,630.40 points in five days by closing the week on Friday at 40,070.83 despite showing signs of recovery in two of these sessions. 

With a total trading volume of 348,215,795 shares in the Friday session, 249 companies shed their share prices while 92 made some gains. There was no change in the value of the remaining nine entities. 

In this scenario, there shouldn’t be any surprise that the 10 most active stocks were among the losers with all of them seeing their share prices going down.

So Hascol Petroleum Limited topped the list with the trading of 52,658,500 shares, but the selloff meant that its share price was further cut by 6.96 percent.

The second most active stock was K-Electric Limited with 35,084,000 shares and a 2.65 percent reduction in the share price. Similar figures for TRG Pakistan Limited were 24,660,000 shares and a 6.90 percent cut. 

Meanwhile, the biggest cut in share price – 18.40 percent – was experienced by KASB Modaraba. The Pakistan General Insurance Co Limited, however, saw its value going up by 21.29 percent as it was among the 92 entities making gains amid this mayhem.