KARACHI: The Pakistan Stock Exchange (PSX) failed to break the bearish mood and ended the trading day in negative for the second day in a row. Trading throughout the day remained range-bound as news from the political and COVID-19 front kept investors largely on the sidelines. The easing of SOPs by the government and the rise in the number of COVID-19 fatalities draws an unclear path ahead.
The Karachi Share Index (KSE-100) lost 108.04 points (0.24 percent) after closing at 45,574.07 points, against the previous closing of 45,682.11 points. The market went as high as 45,830.77 points during intraday trading, while recording as low as 45,519.81 points.
Trading volume moved up to 784million shares today, as compared to 578m traded in the previous session, according to PSX’s website data. The daily traded value inched up to Rs20.8billion from Rs20.7bn in the previous session, the data said.
“This correction was expected after the bull run,” traders and analysts said. “It was expected to provide a strong ground for fresh buying but the worrisome COVID-19 situation kept investors in a cautious mood.”
“There seems no clear picture to set investment target at least for this week,” traders and analysts said. “Investors are getting impatient due to situation in the middle east along with COVID-19 uncertainty.” There is a cautious feeling regarding Pakistan’s stance on the Palestine situation as it can lead to unrest here as well, they added.
Soon after reaching New York on Wednesday for United Nations General Assembly (UNGA) session on Palestine, Foreign Minister Shah Mehmood Qureshi held consultations with the ambassadors of muslim countries to adopt a joint stance on the situation.
Yesterday, hundreds of people took to the streets of Karachi to rally for the freedom of Palestine, in the midst of Israel’s escalating aggression in Gaza. The demonstration held at Karachi Press Club saw a number of people from all walks of life, united for the Palestinian cause.
Israeli attacks on Gaza have thus far killed 217 Palestinians, resulting in a global outcry.
The share price of Wyeth Pakistan increased by Rs103.53 to Rs1,484.02 while Colgate Palmolive gained Rs89 to Rs2,889. On the other hand, Philip Morris Pakistan lost Rs37.54 today to close at Rs868.46, while AKD Capital lost Rs33.41 to close at Rs424.58.