The KSE-100 index is down by 200 points, a result of the rising cases of COVID-19 in Pakistan, especially in Punjab.
Pakistani stocks, despite opening the day in positive, went under pressure as news of a potential lockdown in Lahore circulated across the country, amid an alarming rise in the positivity rate. The benchmark KSE-100 share index slipped by 200.1 points at 44,976 at 12:50 pm.
Market analysts believe that the people are interested in investing further in favorable economic developments but the rising infection rates in Pakistan is putting are putting a cap that leads to corrections at the end of every positive maneuver by the market.
In the last 24 hours, 4,584 people tested positive for COVID-19 while 58 lost their lives, according to the latest statistics released by the National Command and Control Centre (NCOC). Punjab Health Minister Yasmin Rashid has endorsed a blanket lockdown in Lahore in the wake of the rising infections in the provincial capital, saying hospitals have run out of ventilators. She said that the district administration and Punjab Health Department are in favour of a complete lockdown after the coronavirus positivity ratio in the city climbed to 19 per cent.