Pakistan Stock Exchange sheds 282 points
The Pakistan Stock Exchange was down 282.03 points despite a short-lived recovery after early losses during early trading on Thursday with the KSE-100 Index closing at 34,110.39.
On Wednesday, the index had ended the session at 34,401.42, shedding 6.63 points after jumping to 34,657.73 with a gain of 249.68 points.
However, the losses were greater on Thursday as the share prices of 200 companies went down and of only 95 making some gains. Meanwhile, the share prices of 27 remained unchanged.
The share price of Hino Pak tumbled by Rs27 while the automobile companies making gains saw their prices going up between the range of Rs7.37 [Millat Tractors] and Rs0.54 [Ghandhara Nissan].
The cement companies, on the other hand, continued shedding their share prices as only Kohat Cement and Thatta Cement made some gains.
On Wednesday, the entire cement sector had suffered losses with the share price of Bestway down by Rs3.59.
Barring a few, the companies in chemical, engineering and fertilizer sectors and the commercial banks too saw their share prices being reduced.
Meanwhile, the oil and gas exploration companies also shed their value with the share price of Mari Petroleum down by Rs6.36 followed by Pakistan Oilfields Rs6.28, Oil and Gas Development Company Rs2.40 and Pakistan Petroleum Rs1.90.
Sui Northern was the only entity among the marketing companies which made some gains [Rs144] as the rest were among those which suffered losses between the range of Rs.3.76 to Rs0.11.
Four of the 10 pharmaceutical companies saw their prices going up with Wyeth Pakistan being the best performer with a gain of Rs63 and Abbot Laboratories Rs17.92.
The KSE-100 Index had closed the year 2019 on December 31 at 40,735.08. By Jan 10, it reached the level of 43,207.05 but then started plummeting as slid to 27,228.80 on March 25, which represented a loss of 13,506.28 points within two-and-a-half months.
But since, the market has made some recovery but not without some serious hiccups as the index currently stands at 34,110.39. However, full recovery isn’t in sight with very little economic activity, weak rupee, high inflation and reduced purchasing power of consumers.
Earlier this week, the State Bank of Pakistan in a report had warned about further devaluation of rupee, reduced growth and more joblessness amid the current situation.