Bullish Pakistan Stock Exchange up by 569 points

By: News Desk      Published: 04:54 PM, 26 Aug, 2020
Bullish Pakistan Stock Exchange up by 569 points

Bullish trend was witnessed at the Pakistan Stock Exchange again on Wednesday as the KSE-100 Index closed the session at 40,862.59 after a gain of 569.77 points.

The latest gains came after the stock market got a boost of 490.22 points a day earlier, thus crossing the 40,000 points psychological barrier again.

Earlier on Monday, the KSE-100 Index was up by 181.01 points and closed at 39,802.60 after a poor show last week as the Pakistan Stock Exchange started the new business week on a positive note.

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 had moved up by only 421.14 points till Monday. However, the latest performance during the last two sessions mean the index is now up by 1,481.13 points this month.

Earlier on August 15, the index had reached the level of 40,559.15 but the losses suffered since then meant that it fell below the 40,000 mark after that.

In fact, the last business week ending Friday saw the KSE-100 Index shedding 669.15 points, thus erasing a huge chunk of the gains earlier made this month.

On Wednesday, a total of 273,510,857 shares were traded. With 374 companies available for trading, the share prices of 218 of these made gains, 137 were down and 19 remained unchanged.

The top three gainers in terms of share prices were SME Leasing Limited, Tri-Star Mutual Fund Limited and PICIC Insurance Limited whose value was up by 30.85 percent, 26.33 percent and 24.10 percent respectively.

Meanwhile, the most active stock during the session was Pakistan Refinery Limited with the trading of 48,992,000 shares. It was followed by Hascol Petroleum Limited with 36,105,500 share and Kot Addu Power Company Limited with 18,550,000 shares. 

However, the worst performer was Power Cement (R) as its share price was down by 26.53 percent. It was followed by Grays Leasing Limited and Security Investment Bank Limited with 12.50 percent and 11 percent respectively.