KARACHI: The Pakistan Stock Exchange (PSX) managed to close the day in positive for the third day in a row despite intra-day corrections, profit-taking, and declined volumes observed today. The benchmark KSE-100 Index managed to close above 45,000 points levels as COVID-19 related fatalities registered a decline.

The benchmark KSE-100 Index advanced 231.06 points (0.51 percent), to close at 45,174.67 points against the previous closing of 44,943.61 points. The market went as high as 45,244.17 points during intraday trading, while recording as low as 44,889.60 points.

Trading volume declined to 245.6million shares as compared to 259.86m traded in the previous session, according to PSX’s website data. The daily traded value also declined to Rs9.46billion from Rs14bn in the previous session, the data said.

The positive news from the corporate front was already there, while the fundamentals such as the COVID-19 infection fatality rate decline provides support to market sentiments in the last three days, traders and analysts said. However, predicting market direction for post-eid holidays would be very difficult as the news and fundamentals proved to be the main driving force instead of technical and share price valuations, they added.

Pakistan recorded 108 deaths and 4,198 cases in the past 24 hours as the nationwide positivity rate touches 9.03 per cent. On Wednesday, Punjab, the biggest province by population has decided that the public transport and tourist spots in the province will remain closed for two weeks from May 8.

The share price of Bata Pakistan increased by Rs110 to Rs1,790, while Pakistan Tobacco gained Rs85 to Rs1,390. On the other hand, Gatron Ind. lost Rs27.25 today to close at Rs511.75, while Mari Petroleum lost Rs16.38 to close at Rs1,503.38.

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

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