KARACHI: Pakistan Stock Exchange (PSX) managed to maintain an upward rally for the third day in a row with activity in tech, cement and banking shares. The increase in share prices and psychological barrier of near four-year high levels opted investors to avail some intra-day profit-taking. However, the fresh buying on back news regarding fall in inflation, higher tax revenue and the three-month low COVID infection rate helped the market to end the day in positive.
The Karachi Share Index (KSE-100) ended the day 294.92 points (0.62 per cent) up at 48,191.26 points against the previous closing of 47,896.34 points. The market went as high as 48,241.55 points during intra-day trading, while recorded as low as 47,896.34 points.
Trading volumes inched down to 1.3 billion shares today, as compared to 1.4bn shares yesterday. The daily traded value also fell to Rs 30.48bn from Rs 32.05bn in the previous session, the data said.
The favourble news from the economic front and three months low COVID-19 positivity rate supported market sentiments to extend bullish rally, traders and analysts said. However, today was some mixed trading day as the market found some correction during the mid-day before noon that encouraged investors for selective buying, traders and analysts said.
Currently, investors are observing extra caution as the market seems bound to see some corrections near the current levels to consolidate before moving up going forward, they added.
The news of the Federal Board of Revenue (FBR) exceeding its 11-month target also had a positive impact. The FBR collected Rs4,167bn in the current fiscal year against an assigned target of Rs3,994bn, reflecting an increase of Rs173bn. After this tax collection, the FBR has registered a growth of about 18 per cent.
On the other hand, Pakistan reported its lowest coronavirus positivity ratio in three months at 3.71 per cent. In the last 24 hours, Pakistan recorded 71 deaths while 1,771 people tested positive for COVID-19, according to the latest statistics released by the National Command and Operation Centre (NCOC).
The share price of Unilever Foods increased by Rs350 to Rs15,850 while Wyeth Pakistan Limited gained Rs171.76 to Rs2,462.01. On the other hand, Gatron Ind. lost Rs34.50 today to close at Rs452 while Indus Motor Company lost Rs12.95 to close at Rs1,199.39.
