July is a ‘blessing’ for Pakistan Stock Market, up by 1,758 points so far

By: News Desk      Published: 05:06 PM, 10 Jul, 2020
July is a ‘blessing’ for Pakistan Stock Market, up by 1,758 points so far

The Pakistan Stock Exchange continued with the latest rally that started on July 1 as the KSE-100 Index closed the business week on Friday at 36,190.40 after a gain of 48.13 points.

It is obviously good news for a market that first experienced huge losses and then remained directionless this year.

The KSE-100 Index is now 1,758.71 points up this month and hasn’t experienced a negative session during these days. As far as the weekly progress is concerned, the index made a gain of 1,139.02 points.

The KSE-100 Index was at 40,735.08 on December 31, 2019. It moved upward till January 10 and reached the level of 43,207.05. However, it was followed by a mini-slide with the index down to 39,296.70 on February 10.

But it was period from March 6 to March 25 during which the market went south as the index slid to 27,228.80, representing a loss of 12,153.11 points. Since then the market has been trying to recover from this freefall and has now reached 36,132.50.

On Friday, the session was mixed as the share prices of 146 companies went up and 166 were down with no change in the value of 18 on a day when a total of 189,986,463 shares were traded.

Unity Foods Limited remained the hottest stock on the second consecutive day as a total of 27,984,000 shares were traded followed by Maple Leaf Cement Factory Limited with 24,635,500 shares.

Meanwhile, TRG Pakistan Limited again ended up among the top three as the company saw 14,245,500 of its shares being traded.

But it was Dewan Textile Mills Limited which made the biggest gains 33.33 percent in terms of share price. Capital Assets Leasing Corporation was second with 24.94 percent followed by Kohinoor Power Company Limited 16.11 percent.

In terms of losses, the share price of Unicap Modaraba was down by 23.08 percent, of Popular Islamic Modaraba by 19.84 percent and Tri-Star Mutual Fun Limited by 8.86 percent.