KARACHI: Once again the KSE-100 index down by 353.52 points (-87%) over coronavirus pandemic news, which is rapidly increasing in Pakistan and touched 2700 infection on Friday.

Pakistani Stocks went down throughout the day on Friday as the Karachi-100 share Index (KSE-100 index) slipped by 353.52 points (-0.87 per cent) at 40,187.86 against the previous closing of 40,540.70.

Trading volume slightly enhanced to 189.8 million shares today as compared to 188.5 million traded in the previous session, according to PSX website data. The daily traded value decreased to Rs 7.578 billion from Rs 8.101 billion in the previous session, the data said.

The market analysts believed that the people are not interested in stock markets owing to the rising Coronavirus in Pakistan. The data shows that COVID-19 infections went up to 2700 in Pakistan which is the highest figure in this month.

“There was a list of economy uncertainties, one of them is the rising dollar which started gaining in the interbank market and it seems that the government was not trying to regulate it on strong grounds,” said Sani Mahmood, one of the broker and Ex-

General Manager of PSX. He said the government has earlier capped the dollar by halting import through custom duties and other taxes and when it opened, the dollar started moving up.

The analyst said that the investors will also wait for the monetary policy to be announced on next Monday. Although international crude oil prices were up and trading positive.

The market had touched at 40,595.33 levels during the session, while it remains low at 40,133 points. Stocks that contributed significantly to the volumes include UNITY, TRG, MLCF, EPCL and WTL, which formed 41% of total volumes.

Stocks that contributed positively to the index include ILP (+7pts), MTL (+5pts), UNITY (+4pts), NML (+4pts) and PMPK (+4pts).

Stocks that contributed negatively include DAWH (-51pts), UBL (-29pts), LUCK (-26pts), TRG (-23pts) and BAFL (-18pts).

The author is a senior business reporter with bylines in leading newspapers and magazines across Pakistan.


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