KSE-100 Index up 1,368 points after losses of over 2,700 in four sessions
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After shedding over 2,700 points in the last four sessions, the Pakistan Stock Exchange bounced back with a bang, retrieving a huge chunk of losses in a single session on Tuesday.
When trading was closed for the day, the KSE-100 Index stood at 40,480.88 after a spectacular gain of 1,368.70 [3.50 percent] after sectors like automobile, cement, commercial banks, engineering, food and personal care products, oil and gas, fertilizer and pharmaceutical performed excellently.
Earlier on October 26, the KSE-100 had reached 41,850.47 but later tumbled to 39,112.18 during the next four business days, wiping out nearly all the gains made since Oct 5 when it had closed at 39,072.47.
However, the latest surge enabled the market to breathe. But it is yet to be seen whether it is just another twist in the topsy turvy ride or something sustainable.
On Tuesday, a total of 383,893,626 shares of 363 companies were traded. During the process, the share prices of 299 entities were up with a cut suffered by another 55. However, there was no change in the value of the remaining nine companies.
It was Unity Foods Limited which proved to be the most active stock with the trading of 42,892,000 shares. It was followed by Power Cement Limited and Hascol Petroleum Limited with 35,683,500 and 29,481,069 shares respectively.
Meanwhile, the biggest surge in share price – 25 percent – was witnessed by Ravi Textile Mills Limited. The next on the list were Popular Islamic Modaraba 22.76 percent and Bilal Fibre Limited 15.75 percent.
However, First Al-Noor Modaraba shed 13.79 percent of its share price while the loss suffered by First National Bank Modaraba was 11.30 percent. The cut in share price stood at 8.62 percent in the case of Premier Insurance Limited.