Pakistan Stock Exchange moves up after two days of losses
The KSE-100 Index was up by 137.61 points and closed at 40,144.29 on Wednesday after a session that witnessed market stabilisation albeit with substantially reduced trading volume following the two days of huge losses.
However, 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 had 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.
The Wednesday session had a total volume of 232,803,852 shares. It was 290,136,847 shares on Tuesday against the Monday’s level of 377,458,417. Hence, the trading volume has reduced by over 40 percent in two days.
A total of 357 companies were available for trading out of which 245 made gains in their share prices. Another 98 companies shed their value with no change in the value of 14 entities.
Hascol Petroleum Limited was again the most active stock with 24,029,683 shares traded followed by Unity Foods Limited and TRG Pakistan Limited with 21,504,500 and 19,612,000 shares respectively.
Meanwhile, the three worst performing companies by the virtue of experiencing the biggest cut in their shares prices were: Unicap Modaraba 13.64 percent, Data Agro Limited 9.12 percent and Metropolitan Steel Corporation Limited 8.87 percent.
But First Tri-Star Modaraba led the pack of advancers with a 25.06 percent increase in its share price. The next on the list were Jubilee Spinning and Weaving Mills Limited 17.22 percent and Drekkar Kingsway Limited 14.20 percent.