Bulls roar back with KSE-100 gaining 722 points

By: News Desk      Published: 04:57 PM, 7 Oct, 2020
KSE-100 Index
KSE-100 Index

Despite experiencing huge losses in recent sessions, the Pakistan Stock Exchange bounced back on Wednesday with the KSE-100 Index closing at 39,849.96 after gaining 722.48 points.

This encouraging performance followed a steady show on Tuesday when the market managed to stop downward movement and ended up in green zone.

Earlier, Monday represented complete panic as the index was down around 1,000 points after a poor last week during which the KSE-100 Index had lost 1,630.40 points amid the growing political instability and the prospects of a government-opposition showdown in coming weeks.

The overall volume recorded at the Wednesday session was 431,962,618 shares with 288 companies making gains in their values. However, the share prices of 72 entities were down. There was no change in the case of the remaining 14.

Sectors like automobile, cement, chemicals, engineering, pharmaceuticals, fertilizers as well as oil and gas marketing were among the best performers, as the companies managed to reduce their earlier losses.

Meanwhile, different categories of textile units and financial institutions too were among those making profits.

Hascol Petroleum Limited is proving to be a hotcake consistently. It was yet again the most active stock on Wednesday with the trading of 59,705,882 shares. It was followed by Unity Foods Limited and TRG Pakistan Limited with 34,565,000 and 23,965,500 shares respectively.

On the other hand, the top three advancers were Kohinoor Spinning Mills Limited, Kohinoor Industries Limited and Ghazi Fabrics International Limited. The respective gains in their share prices were 39.81 percent, 25.64 percent and 20 percent.

However, Askari Life (R) sustained huge loss with a 39.13 percent cut its share price. The next two on the list were Premier Insurance Limited 15.75 percent and Khurshid Spinning Mills Limited 11.12 percent.