KARACHI: Pakistan Stock Exchange (PSX) despite opening in positive fell under a bearish spell as COVID-19 cases continue to rise. Furthermore, the government terming the spread ‘serious’ and hinting at lockdowns in major cities also had a negative effect on the investor’s sentiments.
The Karachi Share Index (KSE-100) lost 93.24 points (0.21%) after closing at 45,306.54 points, against the previous closing of 45,399.78 points. The market went as high as 45,625.30 points during intra-day trading, while recording as low as 45,224.91 points.
Trading volume inched up to Rs387.9million shares today, as compared to Rs343.2m traded in the previous session, according to Pakistan Stock Exchange (PSX)’s website data. The daily traded value inclined to Rs19.3bn from Rs14.2bn in the previous session, the data said.
Despite a positive opening today as an extension of previous days bullish mood, the cautious feeling related to COVID-19 pushed the market back in a negative mood, analysts and readers said.
There is a prevalent feeling of caution among investors regarding the increase in COVID-19 cases and lockdowns may lead to a cap in business activities once again. The statement regarding the seriousness of the infection spread is really worrisome for everyone, they added.
The share price of AKD Capital increased by Rs31.50 to Rs451.50, while Gatron Ind. gained Rs28.94 to Rs469.95. On the other hand, Island Textile lost Rs155.55 today to close at Rs1,918.45, while Sapphire Textile lost Rs74.17 to close at Rs974.83.
