Bulls rule Pakistan Stock Exchange on third consecutive day

By: News Desk      Published: 05:49 PM, 26 Nov, 2020
Bulls rule Pakistan Stock Exchange on third consecutive day

It was one of the most profitable sessions for the Pakistan Stock Exchange in recent weeks as the KSE-100 Index closed Thursday at 41,031.03 with a 653.49 points (1.62 percent) surge.

The market has performed very well during the last three sessions with a gain of 1,398.30 points since Tuesday when the stock exchange, after over a 900 points hit in the previous two sessions, managed to reverse the trend as the KSE-100 Index closed at 39,863.36.

On Friday last week, the KSE-100 Index had slid form the level of 40,540.70 to 40,187.18 and then to 39,632.52 on Monday as the market did not start the new business week on a promising note.

Hence, the market overall shed 24.64 points during the current month despite reaching 41,197.32 on November 11, representing a roller coaster ride for investors.

In October, the index had only managed a 683.48 points gain after going down by 539.45 in September.

But the latest rally means the index has made a net gain of around 1,143.49 points this month so far with two more sessions still to go.

A total of 388,959,441 shares were traded on Thursday. With 375 companies available for trading, the share prices of 265 entities were up and of 81 down with no change in the value of 29.

Sectors like cement, engineering, food and personal care products, oil and gas, pharmaceutical, textile and refineries were best performing sectors.

Maintaining the trend witnessed in recent months, Unity Foods continues to be among the most active stocks. And on Thursday, it was topped the list with the trading of 50,024,000 shares. 

Similarly, TRG Pakistan occupied the second place on the second consecutive day with 33,254,000 shares followed by 29,628,925 of Maple Leaf Cement.

Meanwhile, Fauji Fertilizer Bin Qasim (R) was fourth placed with 29,628,925 of its shares trading hands and price going up by 11.42 percent, experiencing complete change of fortune after seeing a 13.12 percent cut in its share price a day earlier despite being the most active stock in the market.

In fact, Fauji Fertilizer Bin Qasim (R) was third best performer in terms of share price. The top two companies were Hala Enterprises and Dost Steel with an increase of 14.98 percent and 12.39 percent in their share prices respectively.

Meanwhile, First Credit and Investment Bank, Island Textile Mills and Emco Industries were the top decliners with their respective share prices reduced by 10.14 percent, 7.25 percent and 6.67 percent.