KARACHI: Pakistan Stock Exchange (PSX) failed to maintain bullish mood as the COVID-19 infection rate crossed 10.13 per cent on Friday. However, the buying in dips and positive news on the macroeconomic front kept supporting the market against fall, preventing panic selling.
The benchmark KSE-100 Index declined 140.19 points to 45,585.98 points at the end of the first trading session before mid-day break on Friday. The Index touched as low as 45,472 points level with a fall of 253 points at 11:22 am.
The worrisome rise in COVID-19 infection and expectation of stringent lockdown measures by the government made investors adopt cautious strategy, traders and analysts said. The in cap business activities and disturbance in the economy can overshadow the recent positive developments at least for short-run, they added.
According to the latest statistics released by the National Command and Control Centre (NCOC) on Friday, Pakistan recorded its highest single-day increase in COVID-19 infection since July 2020. In the last 24 hours, 4,368 people tested positive for COVID-19. The current trend indicates that the peak of the third wave will be seen in Ramzan.
