Pakistan Stock Exchange in red zone yet again

By: News Desk      Published: 05:27 PM, 15 Oct, 2020
Pakistan Stock Exchange in red zone yet again
File photo.

The Pakistan Stock Exchange ended up in red zone yet again despite the gains made in early trading as the KSE-100 Index shed 75.80 points on Thursday.

By the time, the session closed, the index was recorded at 40,068.49 after vacillating between the range of 40,533.67 and 40,006.46, showing that it had gained around 390 points.

Earlier on Wednesday, the share market had stemmed the slide after going up by 137.61 points following the losses suffered in the previous two sessions.

The KSE-100 Index is currently 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 tanked 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 Thursday session had a total volume of 324,790,950 shares, representing a sizable increase against the level of 290,136,847 recorded on Wednesday.

A total of 381 companies were available for trading out of which 183 made gains in their share prices. Another 178 entities shed their value with no change in the value of 20.

The late selloff meant that five out of the top 10 active stocks shed their share prices. Hence, Hascol Petroleum Limited, which is proving to the hotcake in recent weeks, topped the list with the trading of 30,635,869 shares but saw a 1.59 percent cut in its value.

Pakistan International Bulk Terminal Limited and Unity Foods Limited were the next two on the list with 17,696,000 and 17,469,000 shares respectively.

Meanwhile, the biggest gains in terms of increased share prices were made by: The Universal Insurance Company Limited 22.22 percent, Jubilee Spinning and Weaving Mills Limited 18.08 percent, Kohinoor Industries Limited 12.06 percent.  

On the other hand, three financial companies – Grays Leasing Limited, Dawood Equities Limited and Sindh Modaraba – proved to be worst performers with a cut of 14.62 percent, 11.69 percent and 9.49 percent respectively in their share value.