KARACHI: The Pakistan Stock Exchange failed to maintain a bullish trend started early this week.
The market came under selling pressure as investors opted for profit-taking on the back of the previous rise in share prices and also due to the prevailing COVID situation in the country that claimed over 100 lives for the second day in row.
The benchmark KSE-100 index declined to 45,672 points 309 points down at 1 pm compared to the previous day’s close. The market started the day on a negative note and despite some support with selective buying in major scripts, it remained in the negative territory.
“The correction was expected after the bull run,” traders and analysts said. “It was expected to provide a strong ground for fresh buying but the still worrisome COVID situation kept investors in a cautious mood.”
It seems the market will overcome this pressure with the support of corporate activities in coming sessions, they added.
