KARACHI: Bulls managed to show some resistance at the Pakistan Stock Exchange (PSX) on the back of support provided by some positive news from the economic and corporate front. The decrease in the COVID-19 infection rate also boosted investors’ confidence.
The benchmark KSE-100 Index was trading at 47,459 points up 456 points at 11:58 am. The index showed a decent recovery on the back of buying on dips by the investors at the early hours of the trade. However, some appreciation in prices and the benchmark, Index provoked investors to book profits that capped the appreciation below 47,500 points levels.
On the other hand, the report that the International Monetary Fund’s (IMF) new expected allocation of special drawing rights (SDR) could boost the country’s reserves by $2.8 billion, according to Fitch ratings supported investors’ confidence. While the activity in the corporate sector also helped the market regain investors’ interest, traders and analysts said.
The National Command and Operation Center (NCOC) on Monday allowed indoor dining for vaccinated persons. From July 1 onwards, indoor dining will be allowed until 11:59 pm, subject to 50 per cent occupancy.
It was added that restaurants and hotel management would have to set up a system to verify the vaccination status of customers and ensure vaccination of their staff. In regards to commercial and business activities, the forum decided on an extension until 10 pm. Essential services would continue 24/7 operation.
