Pakistan Stock Exchange (PSX) failed to maintain an upward
trend as above nine percent rise in COVID infection rate and decline
in oil prices in the global market made investors lighten portfolios to
pass weekly off. Oil refinery and marketing sectors led the fall as
ease in prices followed by low demand may result in inventory losses.
The Karachi Share Index (KSE-100) ended the day with 149 points (0.31
percent) up at 47,640.88 points against the previous day’s closing of
47,789.88 points. The market went as high as 47,896.84 points during
intra-day trading while as low as 47,583.87 points.
Overall, market sentiments remained negative as the number of
companies that ended the day with a decline in share prices were
higher compared to gainers. Shares of 492 companies were traded, of
which 212 registered an increase and 263 recorded a fall,
while 17 remained unchanged.
The market capital declined by Rs7.2 billion, while total value traded
inclined by Rs222 million to Rs15.37 billion. The volume at the
Pakistan stock market moved up from 532 million shares recorded in the
previous session to 546 million shares.
The market started the day in a positive mood but came under pressure
as the news of COVID infection rate is nearing double-digit figure
made investors cautious regarding the upcoming situation, traders and
analysts said. On the other hand, the oil price decline in the global
market due to reduction in demand also added to the fall with refinery
and oil marketing companies came under pressure today, they added.
The latest data from the National Command and Operation Centre (NCOC)
showed a jump in Pakistan’s COVID-19 positivity rate to 9.06% on
Thursday morning. This is the first time in three months that the
country has recorded a positivity rate of over 9%. The last time this was
the case was on May 10 when a positivity rate of 9.12% was recorded
across the country.
Meanwhile, oil prices in the international market fell for a third day
on Wednesday on mounting concerns that the increasing spread of the
Delta variant of the coronavirus in top-consuming countries will cut
fuel demand. Brent crude oil futures slid 22 cents, or 0.3 percent,
to $72.19 a barrel, as of 0129 GMT. U.S. West Texas Intermediate (WTI)
crude fell 33 cents, or 0.5 percent, to $70.23 a barrel. Both futures
fell on Tuesday to their lowest since July 21 before regaining some
ground by the close.
The share price of Unilever Foods increased by Rs99.50 to Rs16,999.50,
while Ismail Ind. gained Rs29.95 to Rs429.95. On the other hand,
Pakistan Services lost Rs72.52 today to close at Rs894.48, while
Nestle Pakistan lost Rs66.82 to close at Rs5,983.18.