Pakistan Stock Exchange bounces back with 463 points gain
The much-welcomed change of fortune came after the investors shrugged off the previous session’s carnage and stabilised the market amid political uncertainty.
On Monday, the rising political temperature and instability best manifested by the arrest of Leader of Opposition Shehbaz had triggered a bloodbath at the stock market, resulting in the KSE-100 Index losing over 950 points.
By the time trading was closed, the KSE-100 Index stood at 40,740.95 after shedding 960.28 points, which means that all the gains made by the market this month have been wiped out. The index had closed August at 41,110.93.
The selloff meant the 315 companies shed their share prices with only 56 managing some gains. There was no change in the value of 11.
But Tuesday’s session saw a trading volume of 353,650,561 shares. With a total of 377 companies on trade, the share prices of 229 were up and 128 down with no change in the value of 20.
This performance was mainly based upon the strong showing by financial sector including commercial banks as well as the companies involved in oil and gas exploration and marketing. Meanwhile, the cement and fertilizer sectors too had a good session after several days.
Hascol Petroleum Limited with 50,223,500 shares being traded was the most active stock. The other two top 3 performers were Unity Foods Limited and K-Electric Limited with 22,625,000 and 21,172,500 shares respectively.
The best among the top advancers was Capital Assets Leasing Corporation as its share price was up by 22.17 percent followed by 19.23 percent in the case of Shaheen Insurance Company Limited and 15.91 percent for Popular Islamic Modaraba.
Meanwhile, Olympia Mills Limited, Jubilee Spinning, Weaving Mills Limited and Trust Modaraba were the worst performers with their respective share prices reduced by 9.09 percent, 8.85 percent and 8.47 percent.