The Pakistan stock exchange failed to maintain bulls run that lasted for two sessions, as the week opened with the news of
rapid increase in the COVID-19 infection rate in the country’s most populated province, Punjab. The fear of complete lockdown in the high business season is being felt by businessmen throughout the country. The KSE-100 index retreated below the 45,000 points level achieved last weekend.
The Karachi Share Index (KSE-100) ended the day with 208.43 points (0.46 per cent) up at 44,978.05 points against the previous closing of 45,186.48 points. The market went as high as 45,368.68 points during intra-day trading, recording a low of 44,757.
The trading volume declined to 503.52 million shares today compared to 688 million traded in the previous session, according to PSX website data. The daily traded value inclined to Rs 19.97 billion from Rs 25.34 billion in the previous session, the data stated.
Market analysts believe that people are interested in investing further in favorable economic developments but the rising infection rates in Pakistan are putting a cap that leads to corrections at the end of every positive maneuver by the market.
In the last 24 hours, 4,584 people tested positive for COVID-19 while 58 lost their lives, according to the latest statistics released by the National Command and Control Centre (NCOC). Punjab Health Minister Yasmin Rashid has endorsed a blanket lockdown in Lahore in the wake of the rising infections in the provincial capital, saying hospitals have run out of ventilators. She said that the district administration and Punjab Health Department are in favour of a complete lockdown after the coronavirus positivity ratio in the city climbed to 19 per cent.
The share price of AKD Capital increased by Rs 28.69 to Rs 411.31 while Shezan International gained Rs 10 to Rs 315. On the other hand, Colgate Palmolive lost Rs 50 today to close at Rs 2,750 while Sapphire Textile lost Rs 47.07 to close at Rs 814
