Pakistan Stock Exchange (PSX) managed to close in positive today as investors remained active in fresh buying in dips. However, the news related to the third wave of COVID infections and the unclear situation on the political front kept the market cautious. The benchmark index hovered between plus and minus several times throughout the trading day.
The Karachi Share Index (KSE-100) gained 90.47 points (0.2 percent) after closing at 44,857.06 points against the previous closing of 44,766.59 points. The market went as high as 44,907.11 points during intra-day trading, while recording as low as 44,545.95 points.
Trading volume declined to 408.4 million shares today as compared to 455.5 million traded in the previous session, according to PSX website data. The daily traded value declined to Rs 19.95 billion from Rs 21.95 billion in the previous session, the data said.
PSX 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 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.
The share price of Indus Motor Company increased by Rs 26.83 to Rs 1,028.96, while Sanofi-Aventis gained Rs 33.33 to Rs 905. On the other hand, Rafhan Maize lost Rs 291 today to close at Rs 9,899, while Nestle Pakistan lost Rs 136.25 to close at Rs 5,900.