KSE 100 index shows minuscule decline as markets recover

KARACHI: The stock market seemed to be showing signs of recovery from the massive plunge witnessed on the first day of the week as global equity markets and crude oil recovered.

The Pakistan Stock Exchange witnessed a bullish year yesterday as gained half of the losses after a bull-run on the local bourse. However, the stock market appeared subdued on Wednesday and observed a lacklustre day of trading.

The benchmark KSE 100 index witnessed a minuscule decline of 22.50 points and closed at 37,673.25 points. The indices reached its highest point at 38,333 points but could retain momentum before trading was suspended. The total volume of shares was 173.818 million valued at Rs10.626 billion.

The lower bench KSE 30 index also declined by 23.74 (-0.14 percent) and close 16,928.81 points. The total volume of shares traded was 107.061 million. The share prices of top advancers declined notably MLCF (-4.39%), Hascol (-0.98%), PPL (-0.96%), BOP (-1.35%), DGKC (-2.25%), Unity (-2.09%) and TRG (-4.25%).

Global oil and equity markets staged a rebound yesterday leading to a bull-run on stock mark as the KSE 100 index rose over 600 points. There were coordinated efforts as the world’s biggest economic and financial institutions to control the fallout of the plunge in crude oil prices and the economic effects of the coronavirus.