KARACHI: The stock market failed to break the bearish spell for the third day in a row as some worrying news from the economic front and an increase in COVID-19 infection rate that led investors to adopt a cautious approach. Investors preferred to book profit and lighten portfolios to go through the approaching weekend.
The Karachi Share Index (KSE-100) ended the day 323.27 points (0.67 per cent) down at 48,157.63 points against the previous closing of 48,480.90 points. The market went as high as 48,544.10 points during intra-day trading, while recorded as low as 48,116.19 points.
Trading volumes increased to 1.11 billion shares as compared to 936.6 million shares the previous day. The daily traded value declined to Rs19.6 billion from Rs22.4 billion in the previous session, the data said.
The benchmark KSE-100 Index after remained under pressure around 48,500 points levels in the last two days started the trade with negative sentiments today.
Traders and analysts said the market sentiments were low due to some disturbing news regarding Pakistan’s negotiation with International Monetary Fund (IMF). On the other hand, the increase in COVID-19 infection rate also made investors cautious that led to the extension in the bearish spell.
The coronavirus positivity ratio across Pakistan has started to rise again, reaching the 3 per cent mark over the past 24 hours. According to the National Command and Operation Centre (NCOC), 46 more people lost their lives, taking the nationwide death toll to 21,874.
Meanwhile, the sixth economic review talks between Pakistan and the International Monetary Fund (IMF) have ended without any agreement; as a result, the next loan installment to Pakistan will be delayed.
The share price of Wyeth Pakistan Limited increased by Rs 82.45 to Rs2,325.83 while Nestle Pakistan gained Rs 30 to Rs 5,780. On the other hand, Island Textile lost Rs 50.01 today to close at Rs 2,250 while Pak Services lost Rs 30.67 to close at Rs 910.12.