KARACHI: Pakistan’s stock market opened in a bullish mood this morning. However, despite the fresh buying, negative news regarding the third wave of COVID-19 and a delay in revival in economic activity kept investors cautious. The benchmark went through a roller coaster ride with ups and downs during the trading day.
The Karachi Share Index (KSE-100) declined 113 points by 1 pm, after touching gains of 139 points at the start of the day and lows of around 175 points in the first hour of the trading day.
The share prices, after the week-long correction, were at attractive levels that supported fresh buying today, but the change in estimates due to delay in the revival of full business activity is worrying investors, traders and analysts said. Sectors such as cement, energy, and banks came under pressure due to direct impact, they added.
In the last 24 hours, 2,511 people tested positive for COVID-19 in Pakistan while 58 lost their lives, according to the latest statistics released by the National Command and Control Centre (NCOC). Most casualties were seen in the province of Punjab followed by Khyber Pakhtunkhwa (KP). As of March 16, the total active COVID-19 cases in Pakistan stand at 23,355.