KARACHI: Pakistan Stock Exchange (PSX) failed to maintain an upward trend to close the last trading day of the week in negative. The news regarding The COVID-19 infection rate crossing 10.13 per cent made investors lighten portfolios.
Karachi Share Index (KSE-100) ended the day 201.54 points (0.45 per cent) up at 45,521.63 points against the previous closing of 45,726.17 points. The market went as high as 45,764.24 points during intra-day trading, while recorded as low as 45,435.24 points.
Trading volume increased to 529.2 million shares today as compared to 470.4 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 25.18 billion from Rs 25.8 billion in the previous session, the data said.
The worrisome rise in COVID-19 infection and expectation of stringent lockdown measures by the government made investors adopt a cautious strategy, traders and analysts said. The in cap business activities and disturbance in the economy can overshadow the recent positive developments at least for the short-run, they added. However, the buying in dips and positive news on the macroeconomic front kept supporting the market against fall, preventing panic selling, they said.
According to the latest statistics released by the National Command and Control Centre (NCOC) on Friday, Pakistan recorded its highest single-day increase in COVID-19 infection since July 2020. In the last 24 hours, 4,368 people tested positive for COVID-19. The current trend indicates that the peak of the third wave will be seen in Ramzan.
The share price of Service Industry Limited increased by Rs 52.53 to Rs 1,064.74 while Indus Motor Company gained Rs 38.20 to Rs 1,139.01. On the other hand, Bata Pakistan lost Rs 90.60 today to close at Rs 1,959.40 while Nestle Pakistan lost Rs 57.50 to close at Rs 5,940.