Karachi: Pakistan’s stock market maintained a bullish trend as investors remained active and took fresh positions as statistics showed an improvement in trade and business activities. Furthermore, the beginning of COVID-19 vaccination drive in the country also had a positive impact. However, the psychological barrier near 47,000 points can trigger profit-taking, traders and researchers said.
After breaching through 47,000 level twice during the day the Karachi Share Index (KSE-100) ended the day 353.29 points (0.76 per cent) up at 46,933.63 points against the previous closing of 46,580.34 points. The market went as high as 47,124.02 points during intra-day trading, while recorded as low as 46,580.34 points.
Trading volume increased to 616.3 million shares today as compared to 468.06 million traded in the previous session, according to PSX website data. The daily traded value increased to Rs 29.5 billion from Rs 23.26 billion in the previous session, the data said.
Positive news regarding vaccination drive had an effect on both foreign and local fronts. This supported the extension in the ongoing bullish rally in Pakistan’s stock market. However, the repeated intra-day profit-taking indicated the need for corrections, traders and analysts said.
Another reason that demanded a cautious approach from the investors was the approaching weekend that could also make the market take a step back before testing new highs.
Pakistan’s COVID-19 inoculation drive kicked off today at the headquarters of the National Command and Operation Center (NCOC) in Islamabad. Asad Umar, Chairman of NCOC headed the vaccination ceremony where frontline workers were vaccinated. Simultaneously, all the provinces held their vaccination inauguration ceremony, bestowing healthcare workers with medals of honour.
The share price of Mari Petroleum increased by Rs 98.91 to Rs 1,533.98 while Indus Dyeing gained Rs 45.89 to Rs 657.88. On the other hand, AKD Capital lost Rs 45.56 today to close at Rs 561.98 while Island Textile lost Rs 44.94 to close at Rs 1,800.