KARACHI: Pakistan Stock market failed to extend previous days recovery mood as a growing number of infection by COVID 19 made investors cautious. The market despite opening the day in positive fell under pressure before mid-day.
The Karachi Share Index (KSE-100) lost 451.12 points (1.02%) after closing at 43,953.58 points against the previous closing of 44,404.70 points. The market went as high as 44,567.57 points during intra-day trading, while recording as low as 43,751.77 points.
Trading volume increased to 370.5 million shares today, as compared to 305.9 million traded in the previous session, according to Pakistan Stock Exchange (PSX)’s website data. The daily traded value increased to Rs 20.34 billion from Rs 16.07 billion in the previous session, the data said.
The market opened the day on a positive note as an extension of the previous day recovery mood. However, the momentum was soon overtaken by the bearish spell due to worrying statistics from the ongoing third wave of COVID-19. The selling pressure pushed KSE-100 Index below 44,500 points level by noon and further down to close below 44,000 points levels.
The statistics of COVID-19 infection rates are indicating a gloomy situation ahead, traders and analysts said.
Pakistan recorded over 100 deaths for the third consecutive day, with 3,769 patients critical. In the last 24 hours, Pakistan recorded 102 deaths while 4,004 people tested positive for COVID-19, according to the latest statistics released by the National Command and Control Centre (NCOC). The number of critical patients in the country has reached 3,769.
The share price of Unilever Foods increased by Rs 250 to Rs 14,000, while Sapphire Fiber gained Rs 53.99 to Rs 849. On the other hand, Island Textile lost Rs 156.43 today to close at Rs 1,929.40, while Sapphire Textile lost Rs 61 to close at Rs 801.