Pakistan Stock Exchange stays firm to avoid further mayhem

By: News Desk      Published: 05:09 PM, 6 Oct, 2020
Pakistan Stock Exchange stays firm to avoid further mayhem

After witnessing a carnage yesterday, the Pakistan Stock Exchange avoided further losses as the market was able to avoid going down the hill yet again, at least for a while, on Tuesday.

When the market was closed for the day, the KSE-100 Index was recorded at 39,127.48 after gaining 55.01 points.

On Monday, the stock exchange reflected complete panic as the index was down around 1,000 points. Although the market is going through a bad patch and continuously suffering losses since the arrest of PML-N President Shehbaz Sharif on September 29, the previous day’s carnage was fuelled by the sedition case registered against the PML-N leadership, including AJK Prime Minister Raja Farooq Haider. 

Last week, the KSE-100 Index lost 1,630.40 points in five days by closing at 40,070.83 on Friday. It means the market would be very much stretched to reclaim the psychological barrier of 40,000 amid the political uncertainty and a defiant opposition fuelled by PML-N supremo Nawaz Sharif’s stance.

The situation is certainly going to worsen as the newly-formed opposition alliance Pakistan Democratic Movement is all set to launch its anti-government drive.

Tuesday’s session didn’t begin with something positive as the index at one point had slumped to 38,568.95 by over 480 points, stocking the fear of another miserable day. The market managed to recover and end up in the green zone.

During a session where the overall volume stood at 406,036,915 shares, 200 companies had their share prices going up with 132 moving in the opposite direction. There was no change in the value of 18.

Hascol Petroleum was the most active stock with 78,202,419 shares traded. It was followed by Unity Foods Limited with 36,809,000 shares and TRG Pakistan Limited 9,387,000 shares.