AIRLINK 62.48 Increased By ▲ 2.05 (3.39%)
BOP 5.36 Increased By ▲ 0.01 (0.19%)
CNERGY 4.58 Decreased By ▼ -0.02 (-0.43%)
DFML 15.50 Increased By ▲ 0.66 (4.45%)
DGKC 66.40 Increased By ▲ 1.60 (2.47%)
FCCL 17.59 Increased By ▲ 0.73 (4.33%)
FFBL 27.70 Increased By ▲ 2.95 (11.92%)
FFL 9.27 Increased By ▲ 0.21 (2.32%)
GGL 10.06 Increased By ▲ 0.10 (1%)
HBL 105.70 Increased By ▲ 1.49 (1.43%)
HUBC 122.30 Increased By ▲ 4.78 (4.07%)
HUMNL 6.60 Increased By ▲ 0.06 (0.92%)
KEL 4.50 Decreased By ▼ -0.05 (-1.1%)
KOSM 4.48 Decreased By ▼ -0.09 (-1.97%)
MLCF 36.20 Increased By ▲ 0.79 (2.23%)
OGDC 122.92 Increased By ▲ 0.53 (0.43%)
PAEL 23.00 Increased By ▲ 1.09 (4.97%)
PIAA 29.34 Increased By ▲ 2.05 (7.51%)
PIBTL 5.80 Decreased By ▼ -0.14 (-2.36%)
PPL 107.50 Increased By ▲ 0.13 (0.12%)
PRL 27.25 Increased By ▲ 0.74 (2.79%)
PTC 18.07 Increased By ▲ 1.97 (12.24%)
SEARL 53.00 Decreased By ▼ -0.63 (-1.17%)
SNGP 63.21 Increased By ▲ 2.01 (3.28%)
SSGC 10.80 Increased By ▲ 0.05 (0.47%)
TELE 9.20 Increased By ▲ 0.71 (8.36%)
TPLP 11.44 Increased By ▲ 0.86 (8.13%)
TRG 70.86 Increased By ▲ 0.95 (1.36%)
UNITY 23.62 Increased By ▲ 0.11 (0.47%)
WTL 1.28 No Change ▼ 0.00 (0%)
BR100 6,944 Increased By 65.8 (0.96%)
BR30 22,827 Increased By 258.6 (1.15%)
KSE100 67,142 Increased By 594.3 (0.89%)
KSE30 22,090 Increased By 175.1 (0.8%)
Business & Finance

After over 500-point plunge, KSE-100 closes marginally positive

  • Benchmark index fell in early hours, but recovered as investors cherry-picked at attractive valuations
Published May 25, 2022

The Pakistan Stock Exchange (PSX) underwent a rollercoaster ride on Wednesday as the KSE-100 index slid over 500 points in early hours before recouping gains in the latter part of the day to end marginally positive.

Investor pessimism over Pakistan Tehreek-e-Insaf's (PTI) long march, deteriorating macroeconomic cues and delay in resumption of International Monetary Fund (IMF) programme resulted in a negative start to the day. The index at one point dropped close to 600 points.

However, attractive valuations led the recovery.

At close on Wednesday, the KSE-100 settled with an increase of 62.34 points, or 0.15%, to finish at 42,012.66.

KSE-100 falls below 42,000 mark, closes at lowest level since Dec 2020

The market has been gripped by uncertainty after PTI Chairman Imran Khan’s long march kicked off with investors expecting a deteriorating security situation.

“The political uncertainty, especially the long march, led to expected negative reaction in the market,” Arif Habib Limited Vice President of Research Sana Tawfik told Business Recorder.

“(However) the announcement by Saudi Arabia regarding the extension of $3 billion deposit to Pakistan is a positive development,” she said.

A report from Capital Stake said that stocks made a swift recovery during the last hour of trade.

Sector driving the benchmark index upwards included technology and communication (35.08 points), cement (23.71 points) and chemical (22.42 points).

Volume on the all-share index surged to 240.1 million from 169.7 million a day prior. The value of shares traded rose to Rs7.57 billion from Rs5.46 billion recorded in the previous session.

Pakistan Refinery was the volume leader with 21.24 million shares, followed by K-Electric with 15.14 million shares, and WorldCall Telecom with 13.44 million shares.

Shares of 324 companies were traded on Wednesday, of which 198 registered an increase, 103 recorded a fall, and 23 remained unchanged.

Comments

Comments are closed.