KARACHI: Pakistan’s stock market, despite opening on a bullish note today, failed to maintain a recovery mood. The appreciated prices after the previous two days’ gains convinced investors to book some profit as a recovery of losses, while the worrying estimates related to COVID-19 vaccination also kept investors cautious.
KSE-100 index opened the day positively and reached up to 44,847 points, with a jump of 259 points in the first thirty minutes of the trade. However, the selling pressure pushed the index into negative several times, levelling down by 35.95 points to 44,551 points at noon.
Traders and analysts have said that the approaching weekend and the desperation of booking profits after the previous two days of gains increased selling pressure today. Another reason was a cautious approach adopted by investors to keep their portfolios light, as COVID-related developments can lead to lockdowns and curbs on trade activities any time, they added.