Political uncertainty leads to 330 points slump in KSE-100 Index

KARACHI: Pakistan Stock Exchange (PSX) regained upward trend as discounted share prices after a four-day long decline created room for buying on dips as an opportunity.

The benchmark KSE-100 Index touched the lowest level in nine days yesterday almost down to 47,000 points. The benchmark KSE-100 Index was trading at 47,648 points up 400 points at 1 pm. The index showed a decent recovery on the back of buying on dips by the investors at the early hours of the trade.

The traders and analysts are of the view that appreciation in prices and the benchmark index may provoke investors to book profits to capped the appreciation below 47,500 points levels in later hours of the trade. It seems to be a technical estimated recovery as fundamentals and absence of positive news indicates no solid reason for recovery today. On the other hand, the data from the COVID-19 front is also worrisome for the market, they added.

Pakistan is seeing a definitive rise in the COVID-19 infection for the last few days as the positivity ratio was recorded at 3.33% in the last 24 hours. The country registered 24 fatalities due to COVID-19 while 1,683 people tested positive, according to the latest statistics released by the National Command and Operation Centre (NCOC).

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