Pakistan Stock Market in firm grip of bulls
The KSE-100 Index continued moving in the right direction by closing the Thursday session at 42,188.11 while gaining of 353.26 points after an impressive session on the previous day.
On Wednesday, the KSE-100 Index had jumped by 457.59 points. It means the current level of 42,188.11 represents a gain of 1,077.18 in the first three business days of the new month.
Earlier, the Pakistan Stock Market closed August on Monday a net gain of 1,852.49 points during the month. In July, the index was up by 4,836.92 points.
Hence, the 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.
A total of 540,763,746 shares belonging to 385 companies changed hands during the trading session on Thursday where the share prices of 269 entities were up and of 96 down with no change in the value of 20.
It was the Unity Foods Limited which proved to be the most active stock with the trading of 51,414,500 shares. It was followed by The Bank of Punjab and K-Electric Limited with 49,764,500 and 41,810,000 shares respectively.
The Pakistan General Insurance Co Limited made the biggest gains in terms of increase in share price with a 29 percent jump. However, the First Tri-Star Modaraba wasn’t far behind a gain of 28.74 percent followed an increase of 22.32 percent in the share price of Service Fabrics Limited.
However, the likes of The Universal Insurance Company Limited, SME Leasing Limited and KASB Modaraba had a poor session with their share prices slashed by 15.79 percent, 11.40 percent and 7.50 percent respectively.
Meanwhile, the cement sector had another fabulous session as the share prices of all except two companies – Javedan Corporation Limited and Safe Mix Concrete Limited – saw their share prices going up.
Similarly, the entities involved in the business of food and personal care products as technology and communication also enjoyed a great day.