Share prices crash by 1,298 points at Pakistan Stock Exchange

By: News Desk      Published: 02:43 PM, 29 Oct, 2020
Share prices crash by 1,298 points at Pakistan Stock Exchange

It was complete chaos at the Pakistan Stock Exchange as the KSE-100 Index nosedived to 39,888.00 after shedding 1,298.86 points on Thursday. 

At one point, the KSE-100 Index tumbled by over 1,900 points after which the market managed to regain some of the ground lost earlier in the session. In fact, it was one of the biggest plunges that the market has experienced this year.

It was a continuation of the trend witnessed during the last two sessions which, however, can’t be compared with this bloodbath. The total loss faced on Tuesday and Wednesday was just over 660 points.

In this scenario, the share prices of 315 companies went down while only 50 entities made some gains. There was no change in the value of seven after a total of 372 companies traded their shares.

The latest session had a total trading volume of 541,779,803 shares which represented an increase of around 50 percent when compared with the previous day. But it represented a selloff.

Hence, only one of the top 10 active stocks managed to see some gain in its share price.

Automobile, oil and gas, pharmaceutical, cement, power generation and distribution, refinery, technology and communication, transport, fertilizer and woolen were the sectors in which not a single company had its share price increased. 

Similarly, sugar and allied industries, commercial banks, chemical and other sectors had one of the worst sessions that they could experience.