KARACHI: Pakistan’s stock market remained stuck under a bearish spell as the profit-taking and panic selling continued due to the disturbing news related to the COVID-19 wave and possible disturbance on political fronts.
The Karachi Share Index (KSE-100) lost 271.59 points (0.59%) after closing at 45,593.43 points against the previous closing of 45,865.02 points. The market went as high as 46,014.23 points during intra-day trading, while recorded as low as 45,088.58 points.
Trading volume declined to 368.3 million shares today as compared to 479.9 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 18.39 billion from Rs 25.74 billion in the previous session, the data said.
The investors were very cautious due to unclear situations reflected through the news that kept them from making any investment moves, traders and analysts said. The talks about the third wave of COVID and the political heat before the Senate election strengthen the bearish spell, they added.
There were reports in prominent newspapers that said a third COVID wave was feared in Pakistan due to the early lifting of restrictions. It said with most of the Covid-related restrictions having been relaxed despite the lukewarm response of even health workers to the government-run vaccination campaign, health experts fear a resurgence in a number of cases that may compel the government to declare the third wave of coronavirus in the country.
While on the political front the chief of the opposition alliance, Pakistan Democratic Movement (PDM), Maulana Fazal-ur-Rehman has said that it is “fully united” for the March 3 Senate election. He claimed that the PDM is the only voice of the people and by getting rid of Such rulers it will do a great service to the masses.
The share price of Uniliver Foods increased by Rs 450 to Rs 14,000 while Colgate Palmolive gained Rs 83.98 to Rs 2,750. On the other hand, Sapphire Textile lost Rs 48.67 today to close at Rs 974 while Khyber Tobacco lost Rs 37.67 to close at Rs 464.68.