KARACHI: The Pakistan Stock Exchange (PSX) managed to break the five-day-long losing streak that started last week as the discounted prices pulled investors back for fresh buying. The investor sentiments were also supported by the news of decrease in COVID-19 infection spread.

Karachi Share Index (KSE-100) gained 487.39 points (1.11%) to 44,563.59 points against the previous closing of 44,076.20 points. The market went as high as 44,620.41 points during intra-day trading, while recorded as low as 45,076.20 points.

Trading volume increased to Rs221.50million shares today as compared to Rs248.44m traded in the previous session, according to PSX website data. The daily traded value declined to Rs10.08bn from Rs11.31bn in the previous session.

After the five days of fall the share prices were at the levels where investors just needed a little support for fresh buying, traders and analysts said. Although, the fear of COVID-19 and lockdown is there, the statistics such as some ease in the rate of infection is giving hope to the market, while the vaccination drive by the government is also encouraging, they added.

The Federal Minister for Planning, Development, and Special Initiatives Asad Umar said that the vaccination drive for people above age 18 may begin after Eid, provided there is no issue with regards to vaccine availability.

On Monday, the vaccination drive for people age 40 and above started. Yesterday, Pakistan vaccinated more than 150,000 people. Asad took to Twitter and said, “For the first time the number of people vaccinated in a day crossed 150,000. Yesterday, it was the first day when people age 40 and above were vaccinated.”

The share price of Rafhan Maize increased by Rs69.97 to Rs9,525 while Wyeth Pakistan gained Rs34.65 to Rs1,055.90. On the other hand, Nestle Pakistan lost Rs115 today to close at Rs5,610 while Pakistan Tobacco lost Rs89.99 to close at Rs1,300.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.

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