KARACHI: Pakistan Stock Exchange (PSX) failed to break the bearish spell extended from the previous week as investors remained cautious due to the unclear political situation and rise in the insurgency in Afghanistan. In addition to this, country’s COVID-19 positivity rate also saw an increase.
The KSE-100 Index started the day with a very weak attempt of recovery. However, the selling pressure proved much stronger that pulled down the market back in negative in just a few minutes. The pressure kept increasing to bush the benchmark Index near 47,000 points levels by the mid-day.
The KSE-100 Index was trading at 47,040 points at 1:00 pm, 306 points down from the previous day closing.There are many developments under progress in the regional and international politics and the market seems to be very sensitive due
to its impact on Pakistan’s economic and trade growth, traders and analysts said.
The investors are keeping a close eye on Pakistan’s relations with United States and China, they added.
Adviser to the Prime Minister on Commerce Abdul Razak Dawood said on Tuesday that the Pakistan-US relationship would not impact the China-Pakistan Economic Corridor (CPEC). He said in a TV talk show on Wednesday.
Meanwhile, Taliban’s advances continued as they captured Afghanistan’s 11 more districts in the last 24 hours – seven districts in Badakhshan, two districts in Kandahar, one in Parwan and one in Helmand. In addition to the political news for the investors,
Pakistan’s COVID-19 positivity rate hits 3% for the first time in three weeks.
