PSX takes nosedive, plunges record 824.70 points

All Share Volume decreased by 1.61m to 179.10m

273

KARACHI

Pakistan Stock Exchange saw a virtual bloodbath on Monday where the KSE-100 index went down by 824.70 points to close at 40,008.29 points as compared to 40,832 points on previous day. The Index traded in a range of 907.54 points or 2.22 percent of previous close, showing an intraday high of 40,839.42 and a low of 39,931.88.

Of the 91 traded companies in the KSE100 Index 6 closed up 84 closed down, while 1 remained unchanged. Total volume traded for the index was 104.29 million shares. All Share Volume decreased by 1.61 million to 179.10 million shares, as market cap decreased by Rs.126.13 billion.

Total companies traded were 342 compared to 344 from the previous session. Of the scrips traded 41 closed up, 289 closed down while 12 remained unchanged. Total trades decreased by 10,035 to 65,741. On Friday, the PSX witnessed bullish trend as KSE-100 Index rose to 40,832 points as compared to 40,655 points on previous day with positive change of 177.62 points (0.43%).

A total of 104,305,370 shares were traded as compared to the trade of 169,915,190 shares during the previous day, whereas value of shares traded during the day stood at Rs7 billion as compared to Rs9.44 billion during last trading day. Total 330 companies transacted shares in the Stock Market on Friday, out of which 155 recorded gain and 163 sustained losses whereas the share price of 12 companies remained unchanged.

The three top traded companies were, HASCOLR1 with a volume of 18,563,000 shares and price per share of Rs10.54, FFL with a volume of 14,164,500 shares and price per share of Rs14.79, and UNITY with a volume of 8,733,000 and price per share of Rs14.79.

On monthly basis, amid positive market triggers, the KSE-100 index has been maintaining the level beyond the 41,000-point mark, and yesterday, it moved to the highest level since Nov. 16, 2018. It closed at 41,644.88 yesterday after gaining 728.29 points.

The stock market has recovered by about 45 percent since its low of 28,765 points on Aug. 16, 2019. Previously, Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh had said the recent strong performance of Pakistan’s stock market was proof of “increasing investor confidence on stabilisation measures” employed by the Pakistan Tehreek-e-Insaf (PTI)-led government.

In a tweet, the premier’s aide had stated that the 14.9 per cent gain of the KSE-100 Index in November was the highest one-month return over the past six years. “The KSE-100 index is up by 14.9% in November 2019, highest one month return after May 2013. Since 16 August 2019, the index increased by 36.6% (10,500 points),” said Shaikh.

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