Pakistan Stock Exchange up by 605.45 points
April 29, 2020 05:47 PM
The KSE-100 Index made significant gains Wednesday as the Pakistan Stock Market continued making recovery like the previous session.
The latest 605.45 points surge followed the 238.82 points gain made on Tuesday as the KSE-100 Index closed at 33,158.84.
The performance showed during two consecutive sessions means that the accumulated losses suffered since January 1 have now been reduced to 18.60 percent.
Earlier on Monday, the KSE-100 Index had shed 491.81 points and closed the session at 32,314.57.
A total of 110,974,444 shares were traded on Wednesday where 202 companies made earned profit while 97 experienced losses. Meanwhile, the share value of 21 remained unchanged.
It was a profitable day for the fertilizer and engineering as well as leather and tanneries companies with Service Industries up by Rs9.62 and Bata Pakistan by Rs7.49.
Meanwhile, all the oil and gas companies – both exploration and marketing – except Pakistan State Oil (PSO) saw their share prices going up.
These gains made by Pakistan Stock Exchange came as oil prices in global markets staged a small comeback on Wednesday, boosting stock markets, as data from the US suggested crude inventories were not filling as fast as had been previously feared.
After several weeks of rapid price swings, Brent crude gained three per cent this morning, recovering to $21.
The gains boosted global stock markets, with the FTSE up about one percent. Oil majors BP and Shell both saw shares rise about three per cent in the morning’s trading.
US standard West Texas Intermediate (WTI) picked up 13 percent to rise to nearly $14, clawing back some losses from earlier in the week.