Stock market stagnate after rally last week
KARACHI: After surpassing the 43,000 points level last week, the stock market on Monday only managed a minuscule change of eleven points in intra-day trading.
The KSE 100 index at the Pakistan Stock Exchange gained 11.62 points over a change of 0.03% to closed at 43,218.67 points. It remained a slow paced day at the stock marker as the total volume of scripts declined to 199.065 million valued at Rs9.15 billion.
The market hovered between the highest level of 43,453.34 points and the lowest at 43,037.72 points. Meanwhile, the lower benchmark KSE 30 index witnessed a decline of 37.47 points (-0.12%) to close at 30,020.98 points. The total volume of scripts was 336.135 million.
The share prices of several companies increased particularly in the equities and banking sector. The most active stock included Bank of Punjab (-0.38%), Summit Bank (41.50%), Silk Bank (12.22%), Askari Bank (5.025) apart from TRG (3.62%), TPL (22.52%) and Fauji Foods (2.44%).
On Friday, trading at the Pakistan Stock Exchange on a bullish note with the benchmark KSE-100 Index breaching the 43,000 points level. The benchmark KSE 100 index witnessed a surge 683.98 points or 1.58 percent to close at 43,207.05 points.
Meanwhile, the lower bench KSE 30 index also saw an upward trajectory and crossed the 20,000 level. The indices shot up by 368.82 points (1.88%) to close at 20,028.20 points. The total volume of scripts was 200.66 million.
The stock market rally is the highest during the last 17 months. Expert states that this is the highest level seen since July 30. 2018. Investor confidence as been emboldened as the probability of conflict between the United States and Iran simmered amid a week of heightened tensions.
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