KARACHI: Pakistan’s Stock Exchange (PSX) returned under a bearish spell, as the fear of the spread of COVID-19 infection rate and statement about imposition of curfew triggered selling pressure.
The Karachi Share Index (KSE-100) lost 389.90 points (0.85 percent) after closing at 45,292.87 points, against the previous closing of 45,682.77 points. The market went as high as 45,936.09 points during intraday trading, while recording as low as 45,161.68 points.
Trading volume declined to 366.8million shares today, as compared to 409.08m traded in the previous session, according to PSX’s website data. The daily traded value declined to Rs17.32billion from Rs23.97bn in the previous session, the data said.
Meanwhile, according to the government statistics the infection rate was reported over 11 percent today compared to around 9 percent yesterday.
The statements by the government and the statistics regarding COVID-19 infection spread, that showed a rise again, made the investors worried as the market turned very sensitive to news about the issue, traders and analysts said. There was a statement in the news regarding the possibility of ‘curfew’ that also added to the worries today, they added.
In the last 24 hours, 4,487 people tested positive for COVID-19 while 142 lost their lives, according to the latest statistics released by the National Command and Control Centre (NCOC). Most casualties were seen in the province of Punjab followed by Khyber Pakhtunkhwa (KP). Sindh cabinet approved the deployment of the army troops to help the local authorities ensure compliance with the standard operating procedures (SOPs).
The share price of Rafhan Maize increased by Rs100 to Rs9,899, while Nestle Pakistan gained Rs90.50 to Rs5,840.50. On the other hand, Pakistan Tobacco lost Rs38.01 today to close at Rs1,499.99, while Shezan International lost Rs26.52 to close at Rs327.14.
