Alam Zeb Khan
ISLAMABAD: After a continuous loss of over 2200 points during three consecutive trading days since last Friday, Pakistan Stock Exchange (PSX) finally turned around and recovered some of the losses it experienced the day before.
Before the end of the trading on Wednesday, the KSE-100 index witnessed a gain of 448.88 points with a positive impact of 1.17 percent and closed at 38,791.09 points as compared to 38,342.21 points on Tuesday.
On the last day, the market was under pressure and lost more than 1300 points, where most of the companies avoided trading openly. However, despite the uncertain political and financial situation, the market got some momentum, probably due to Governor State Bank of Pakistan (SBP) Jameel Ahmad’s statement about facilitating the letters of credit (LCs) in a better manner.
On Wednesday a total of 153,090,751 shares were traded as compared to 205,906,982 shares on Tuesday, while the price of shares stood at Rs 5.010 billion as compared to Rs 6.710 billion on Tuesday.
In total, 312 companies traded their shares in the stock market, whereas 184 recorded gains and 109 sustained losses, while the share price of 19 companies remained unchanged.
The three top-trading companies were WorldCall Telecom, K-Electric Ltd and TRG Pak Ltd.
Bhanero Textile recorded a maximum appreciation of Rs 71.11 per share price, closing at Rs 1,019.31, while Systems Limited witnessed as runner-up with a Rs 22.69 rise in its per share price to Rs 480.73.
Meanwhile, Nestle Pakistan witnessed a maximum decline of Rs 287.00 per share, closing at Rs 5,308.00, followed by Pak Services with a decrease of Rs 161.17 to close at Rs 1,987.83.
Experts on PSX 100 index
However, experts believe that the markets will remain under pressure until the provision of a comfortable political and economic environment in the country.
Chartered Accountant and Economy expert Saifullah Khan believed that the government should finalize the talks with the IMF team to facilitate them for releasing the next tranche. Otherwise, the country may face a significant crisis of dollar shortage, which may affect the overall business activity in the country.
Meanwhile, some concerns emerged with the delay in the disbursement of a $1.1 billion loan by the World Bank. However, reports about inflows from the United Arab Emirates and Saudi Arabia for financial support were another good news that might boost the market on Wednesday.
