Pakistan Stock Exchange down by 345 points on second day of chaos
As the fears of the second wave of coronavirus pandemic hit the global markets badly, the Pakistan Stock Market witnessed another day of selloff with investors suffering losses on the second consecutive day.
The KSE-100 Index followed the Sensex and other Asian markets and ended the Tuesday session at 41,828.91 after a 345.23 points slump.
But this negative trend in share markets was limited to the stocks as WTI crude, gold and silver losses shed their values by 3.6 percent, 2.1 percent and 8 percent respectively on the previous day.
Similarly, more than £50 billion was wiped off UK shares and caused similar falls across European and US stock markets. However, the dollar performed well against other currencies.
The latest losses came after the Pakistan Stock Exchange market remained static during the past week with the index losing 25.91 points as a whole. It was in complete contrast with the trend witnessed in July, August and the initial part of this month.
It also means the gains made by the market in September has now been reduced to 717.97 points.
At one stage, the index was down by almost 500 points within 80 minutes of starting trading. However, the market managed to reduce the losses to some extent.
Meanwhile, the selloff meant that the volume was also low with 249,981,033 shares traded.
The negative sentiments can be gauged by the fact that six of the most active stocks – just like the last session – saw their share prices going down. Hence, Hascol Petroleum Limited had 31,356,000 shares traded but there was a 3.01 percent cut in its price.
But it was Silkbank Limited which experienced the biggest loss despite being among the top 10 active stocks as its share price was down by 7.41 percent.
On other hand, Mian Textile Industries Limited, Samba Bank Limited and PICIC Insurance Limited were the three worst performers with their share prices down by 14.18 percent, 9.74 percent and 8.33 percent.
However, the modarabas had another good session after grabbing the top five slots on the list of biggest gainers. Thus, the share price of First Prudential Modaraba was up by 22.14, of Popular Islamic Modaraba by 19.96 percent, of First Paramount Modaraba by 18.87 percent, of Modaraba Al-Mali by 14.29 percent and of First IBL Modaraba by 11.11 percent.