KARACHI: Bulls managed to show their presence at Pakistan Stock Exchange (PSX) after two days of fall that led to fresh buying today. The investors came back at the selective buying on the back of some encouraging news regarding the macroeconomic situation ahead and break in a continuous rise in COVID-19 infections in the last five days.
The market started the day in a positive mood as the investors already had buying orders at the start of the trade. The fresh buying supported the benchmark Index to breach the 47,500 points barrier in the first 30 minutes of the trade. However, the intraday corrections in the way kept a limit to appreciation by midday.
KSE-100 Index was trading at 47,472 points up 43 points up from the previous day close. The share prices were at the levels where fresh buying becomes attractive and the news that indicated the release of funds by the International Monetary Fund (IMF) and World Bank to Pakistan helped market regain momentum, traders and analysts said. The decrease in COVID-19 infections also supported the recovery mood today.
Pakistan recorded less than 1,000 new COVID-19 infections after a week. According to the National Command and Operation Centre (NCOC), the country registered 830 new cases while 25 people succumbed to the deadly virus in the last 24 hours.
Pakistan is expected to receive more than one billion rupees from international organisations, the International Monetary Fund and the World Bank, under an international healthcare assistance programme in August this year. The money will be used to buy vaccines and equipment to combat and mitigate the impacts of COVID-19, sources in the Ministry of Finance said. A joint meeting of the IMF and World Bank task force was held last week on the issue.
