Pakistan Stock Exchange sheds 165 points
The KSE-100 Index closed the week at 42,023 after shedding 165.11 points on a day where the Pakistan Stock Exchange witnessed significant fluctuations.
Friday’s session saw the index fluctuating between the high of 42,291.92 and the low of 41,923.68. Soon after the trading started, the market was down by over 230 points but it was followed by an overall gain of 103 points.
However, the KSE-100 Index again had a tumble after the Friday prayers break and ended the session with a net loss of over 165 points.
These loses came after an impressive showing earlier in the week where the index surged by 1,077.18 points 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.
On Friday, a total of 417,224,877 shares were traded as 201 companies shed some of their share prices. However, the value of 162 was up with no change in the share prices of 16.
With a 19.54 percent cut in its share price, the Unicap Modaraba proved to be the biggest loser on Friday. It was followed by Pakistan PVC Limited and SME Leasing Limited with loss of 12.61 percent and 12.38 percent respectively.
However, the share price of Kohinoor Industries Limited was up by 21.41 percent, Modaraba Al-Mali by 18.33 percent and Service Fabrics Limited by 18.25 percent, making these three the top three advancers of the day.
As far as the most active stocks are concerned, 73,163,000 shares of Hascol Petroleum Limited were traded. Fauji Foods Limited 51,655,500 shares and Unity Foods Limited 41,346,500 shares were second and third respectively.
Meanwhile, the automobile and commercial banks were among the worst performing sectors while the pharmaceutical companies too had a poor session. However, the investment banks and modaraba companies continued making progress.