KSE-100 index declined by 198 points to finish the day at 40,281. Market saw a high of 40,281 and low of 40,233 during the day.
Although Prime Minister Imran Khan in NCC meeting rejected the idea of closing businesses and industries but rising COVID-19 cases are still causing an uproar in the market.
US elections also were a contributing factor in the decline. Oil prices rose nearly 3% on Wednesday after President Donald Trump falsely claimed victory in a tight US election with millions of votes still to be counted and the final result not yet clear.
Pakistan Prime Minister Imran Khan on Tuesday announced Industrial Support Package (ISP) that offers additional consumption of electricity to small and medium industries at 50 percent less rates. The package became effective from Nov 1, 2020.
On the import side, during the same period, there has been a contraction of 10.3% and imports have decreased from $ 4.074 billion to $ 3.653 billion in October 2020. The trade deficit shrank by -22.6% in October 2020 to $-1.587 billion, showing an improvement of $ 463 million over October 2019.
