KSE-100 Index gains 229 points as share prices of 153 companies surge
The KSE-100 Index was up by 229.86 and closed at 33,939.49 as the Pakistan Stock Exchange on Friday tried to recover from the losses suffered during the previous session.
Although the index made gains, the majority of companies saw their share prices either going down or remained unchanged. By the end of this session, the share prices of 153 were up, of 145 down and 22 did not see any change.
In fact, the gains made by the KSE-100 Index could easily be attributed to the sectors like cement and fertilizer where the share price of none of the companies went down as everyone made substantial gains.
Maple Leaf Cement Factory Limited was the best performer as 15,199,500 shares of the company were traded. In fact, there were two more cement companies in the top 10 list – DG Khan Cement Company Limited third with 12,608,000 shares and Power Cement Company Limited with 6,021,500 shares on 9th place.
Another interesting fact about this trend is that the share prices of these three also increased. The prices of six companies from other sectors among this list were down. Only Lotte Chemical Pakistan Limited was able to be among the most active stocks while also gaining in its share price.
However, the insurance, leasing and modaraba companies (seven out of top 10) were among the biggest gainers. The Pakistan General Insurance Co Ltd saw its share price up by 27.04 percent followed by Grays Leasing Limited and Balochistan Particle Board Limited with 16.86 percent and 16.61 percent respectively.
On Thursday, the Balochistan Particle Board Limited was second with a 19.92 percent gain, which shows the company is going through a profit-making period.
Meanwhile, Pak Refinery was again the worst-performing stock with its share price slashed by 31.08 percent following a 26 percent loss a day earlier. The second on the list was Tri-Star Mutual Fund Limited with a 10 percent cut after a 19.19 percent loss on Thursday. The third biggest loser was the Saudi Pak Leasing Company Limited as its share price was down by 9.43 percent.
Meanwhile, the KSE-100 Index only made modest gains during this week and was up by just 500.55 points in five business days, reflecting the directionless nature of the market.
The unstable nature of trading at the Pakistan Stock Exchange is because of the economic uncertainty in the country, as no one among the decision-makers has any idea what should be done next.
The KSE-100 Index was at 40,735.08 on December 31, 2019. Then it moved upward till January 10 and reached the level of 43,207.05. However, it was followed by a mini-slide with the index down to 39,296.70 on February 10.
But it was period from March 6 to March 25 during which the market went south as the index slid to 27,228.80, representing a loss of 12,153.11 points. Since then the market has been trying to recover from this freefall as the index currently stands at 33,939.49.