Pakistan Stock Market ends session in red zone
The Pakistan Stock Exchange ended the session in red zone despite a surge during early trading on Wednesday as the KSE-100 Index closed the day at 40,154.11 after shedding 29.90 points.
At one point, the index had jumped to 40,424.92 after starting the session from the previous level of 40,184.01. In fact, it later slid to 40,065.51. However, the market was able to reduce the losses in the late session.
Earlier on Tuesday, the Pakistan Stock Exchange had reversed the three-session long losing streak and ended the day in the green zone with a gain of 61.51 points.
These small gains came after the index was down by 168.24 points on Monday. Earlier, the KSE-100 index had lost 182.44 points on Thursday and 85.97 points on Wednesday. Hence, the accumulative loss during the three sessions stood at 436.65 points.
Since recording the biggest sustained profitable streak of the year in July when the KSE-100 gained 4,836.92 points and closed at 39,258.44, it has moved up by 772.65 points only this month so far, representing correction or stagnation caused by an uncertain economic period.
A total of 365 companies were available for trading on Wednesday, out of which the share prices of 207 were down, 139 made gains and 19 remained unchanged.
The Grays Leasing Limited again made the biggest gains in terms of share price which increased by 26.25 percent after a 35.50 percent surge a day earlier.
However, the KASB Modaraba topped the list of those suffering losses with its share price down by 9 percent.
On the other hand, the Pakistan International Bulk Terminal Limited proved to be the most active stock with 26,242,500 shares changing the hands during the session. Hence, it repeated the yesterday’s performance when it had topped the charts with the trading of 35,581,000 shares.
Meanwhile, the sectors like automobile, cement, chemical and commercial banks were among those suffering losses on Wednesday.