KARACHI: Pakistan Stock Exchange (PSX) after observing a very decent recovery yesterday tumbled back into the bearish mood as investors once again turned skeptical over the confirmation of the fourth wave of COVID-19 infection emergence in Pakistan.
The KSE-100 Index started the day under pressure as the selling pressure proved much stronger that pulled down the market back in negative in just a few minutes. The pressure kept increasing to bush the benchmark Index deep in negative territory.
The KSE-100 Index was trading 221.85 points down at 47,831.32 points at the end of the first session before Friday’s mid-day break. There was already room for technical correction today after yesterday’s fast recovery and the statement regarding the fourth wave added to the panic among investors, especially those with weak holding capacity, traders and analysts said.
Another reason behind the fall today was the weekend factor as investors prefer to keep their portfolios light to pass weekly holidays with low risk from an unpleasant development such as COVID rate rise, they added.
Federal Minister for Planning and head of the National Command and Control Centre (NCOC), Asad Umar on Friday said that there are clear signs of emergence of the fourth wave in Pakistan. Umar said that the main reason for this is poor compliance of SOPs from people.
