Pakistan Stock Exchange bullish on third consecutive day
The Pakistan Stock Exchange had another bright session on Thursday as the KSE-100 Index closed at 41,081.94 after going up by 219.35 points, thus consolidating the gains made during the last two days.
Earlier on Tuesday, the stock market got a boost of 490.22 points, thus crossing the 40,000 points psychological barrier again. It was followed by an even bigger gain of 569.77 points.
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.
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 three sessions means the index is now up by 1,700.48 points this month.
As far as the Thursday session is concerned, a total of 312,304,180 shares were traded during the day. With 353 companies available for trading, the share prices of 210 of these made gains, 127 were down and 16 remained unchanged.
The Saudi Pak Leasing Company Limited made the biggest gains as its share price was up by 35.38 percent. It was followed by First Dawood Investment Bank Limited with 28.65 percent and The Pakistan General Insurance Co Limited with 28.22 percent.
Meanwhile, seven out of the top 10 performers on Thursday were from the financial sector.
On the other hand, the most active stock during the session was The Bank of Punjab with the trading of 39,729,000 shares. The second and third on the list were TRG Pakistan Limited and K-Electric Limited with 36,931,500 and 28,446,000 shares respectively.
However, Power Cement (R), Modaraba al-Mali and Unicap Modaraba were among the worst performers as their share prices were down by 41.67 percent, 20.32 percent and 19.12 percent respectively.
The latest losses means Power Cement (R) is going through a bad period as it had earlier lost 26.53 percent of its value on Wednesday.