Share prices fall like house of cards at Pakistan Stock Exchange
After a relatively bright start, the upward surge halted within 90 minutes of start of trading as investors started suffering losses. But it was around 1:48pm in the afternoon when the index went south.
By the time the session was called off for the day, the KSE-100 Index stood at 40,571.48 after losing 632.88 points.
Although the session was wasn’t as worse as Monday when the arrest of Leader of Opposition in the National Assembly Shehbaz Sharif had triggered a bloodbath, the market wiped out all the gains made in September.
The share market had closed August with the KSE-100 Index at 41,110.93. So the latest losses mean that the index suffered a net loss of 539.45 points during the month after the much-awaited gains made in July and August.
More importantly, the KSE-100 Index has now fallen below the psychological value of 41,000.
During the Wednesday session, a total of 472,790,536 shares were traded, representing an approximately 30 percent increase. But unfortunately, it was a selloff. The share prices 267 companies were down while 95 made gains with no change in the value of 15.
Negative sentiments dominated the market as the share prices of nine out of 10 most active stocks were down, including a 7 percent cut in the case of Hascol Petroleum Limited whose 86,603,500 shares were traded.
The next two on the list were Unity Foods Limited and K-Electric Limited with 66,217,500 and 24,760,500 shares respectively.
Meanwhile, First Capital Elite Modaraba, Grays Leasing Limited and Samba Bank Limited were the three worst performers in terms of slashed share prices with 19.66 percent, 11.42 percent and 10.59 percent cut respectively.
However, KASB Modaraba topped the list of gainers with a 14.29 percent in its share price. It was followed by Khurshid Spinning Mills Limited 11.11 percent and 786 Investment Limited 9.87 percent.