KARACHI: The Pakistan Stock Exchange (PSX) remained under the bearish spell throughout the week with only one day out of five with positive closing.
The fear of COVID infection spread and news reports about strict lockdown and curbs on business activities had kept the investors on the selling side or on the sidelines.
The benchmark KSE-100 Index lost 444.41 points, retreating to 44,263.35 points at the end of the week from 44,706.76 points at the start on Monday. “It was one step forward and four steps back this week,” Khurram
Schezad, CEO Alpha Beta Core, said in a phone interview from Karachi.
“The prevailing situation of uncertainty is more harmful to the market and investment.” However, with every fall and correction in the share prices one can see the opportunity for investment with a very calculated risk, he added.
The news related to COVID infection and lockdowns dominated the market throughout the week. During the current
COVID wave, the infection rate of the country is hovering around double-digit figures compared to around four to five per cent during the previous wave, he added.
The market is observing the infection rates as seriously as any financial statistics for investment.
Traders and analysts have said that currently the fundamentals are dominating and governing the direction of the market; however, by looking at the technical estimates there is still a strong opportunity for investments, especially for investors with strong holding capacity.