KARACHI: Pakistan Stock Exchange (PSX) began the week on a flat note as diminishing volume kept benchmark KSE-100 in check- posting a mere 14 points gain by the closing bell to clock at 47,687 level.
On Monday, investors struggled to find a direction owing to the resurgence of COVID-19and the lack of triggers. The Index traded in a range of 278.56 points or 0.58 percent of the previous close, showing an intraday high of 47,910.12 and a low of 47,631.56.
The trading kicked off on an optimistic note but witnessed volatility, as intraday correction and discounted share prices attracted selective buying. However, it observed profit-taking during the session amid rising COVID cases.
In an alarming sign, Pakistan’s coronavirus death rate in July crossed the global death rate figures, it was reported on Tuesday.
According to the World Health Organisation data, the death rate in July was between 2.30 per cent and 2.37 per cent in Pakistan. The worldwide death rate in July was between 2.15 per cent to 2.17 per cent. Health experts say non-compliance with standard operating procedures and no vaccination can increase death rates.
Investors also remained cautious ahead of the monetary policy announcement after the close of trading. At a press conference later, State Bank of Pakistan Governor Reza Baqir announced that the benchmark interest rate had been left unchanged at 7 per cent.
During the session, the Index heavyweight automobile, cement and oil and gas marketing companies witnessed modest selling amid uncertainty. On the contrary, Banks, fertiliser, exploration and production sectors outshined the overall market.
The volume at KSE-100 slightly improved from 122.86 million shares recorded in the previous session to 162 million shares. In comparison, the all-share index recorded a volume of 432 million shares, down from 314 million shares of the prior session.
Worldcall Telecom Limited, followed by Byco petroleum Limited and KASB Modaraba, remained the volume leaders. The scrips exchanged 36.63 million, 34.55 million and 17.83 million shares.
As per the National Clearing Company of Pakistan Limited (NCCPL), foreign investors were net sellers worth $1.63 million worth of shares.
Among local investors, Companies and NBFC were net sellers worth $1.86 and $0.19 million shares, respectively. Individuals and Mutual Funds led the buying chart and mopped up $1.29 million and $0.95 million worth of equities.
Sectors that lifted the index were Banks with 119 points, Textile Composite with 40 points and Fertilizer with 29 points.
However, Oil & Gas Marketing Companies with 43 points, Investment Banks with 35 points, Cement with 32 points, Refinery with 26 points dented the index during the session.