KSE-100 Index reduces losses to 203 points after huge tumble earlier
The Pakistan Stock Exchange recovered slightly after another huge tumble as the KSE-100 Index at one point shed over 560 points on Tuesday but still ended up in negative zone.
Earlier on Monday, the market experienced a spectacular nosedive during the final stretch of the session as the KSE-100 Index plunged to 40,209.82 after losing 588.61 points.
By the time the trading was stopped Tuesday, the KSE-100 Index managed to remain above the psychological barrier of 40,000. During the session, the index was down by 203.15 points while closing at 40,006.67.
However, the total volume stood at 290,136,847 shares which was around 20 percent less than the previous day’s figures of 377,458,417.
The latest poor show came after the market bounced back last week following the loss of 1,499.01 points from Oct 1 to Oct 5.
Amid this uncertainty, the KSE-100 Index is still below the 42,647.35 mark – the highest point reached on Sept 10 after the spectacular slide in March this year – mainly thanks to the sustained recovery seen in July and August.
On March 25, the KSE-100 Index was dipped to 27,228.80 with an over 12,000 points tumble in March. But the market had been witnessing a negative trend even before that after reaching the level of 43,207.05 on Jan 10.
A total of 355 companies were available for trading on Tuesday out of which 210 shed their share prices and 127 made some gains with no change in the value of 18 entities.
Hascol Petroleum Limited was again the most active stock with 43,886,146 shares traded followed by TRG Pakistan Limited and Unity Foods Limited with 28,531,000 and 19,119,000 shares respectively.
Meanwhile, the three worst-performing companies experiencing the biggest cut in their shares prices were: Grays Leasing Limited 13.95 percent, First Equity Modaraba 11.92 percent and Habib Metro Modaraba 8.22 percent.
But Dawood Equities Limited led the pack of advancers with a 13.24 percent increase in its share price. The next on the list were Samba Bank Limited 12.16 percent and First Elite Capital Modaraba 9.80 percent.