Pakistan Stock Exchange (PSX) lost 377 points on fear of rising COVID-19 cases in the country as well as a decrease in international oil prices. Furthermore, the government terming the spread ‘serious’ and hinting at lockdowns in major cities also had a negative effect on the investor’s sentiments.
The Karachi Share Index (KSE-100) lost 377 points after closing at 44,929 points, against the previous closing of 45,306.54 points. The market went as high as 45,496.82 points during intra-day trading, while recording as low as 44,882.75 points.
There is a prevalent feeling of caution among investors regarding the increase in COVID-19 cases and lockdowns may lead to a cap in business activities once again. The statement regarding the seriousness of the infection spread is really worrisome for everyone, they added.
On Thursday, Pakistan reported 5,857 new COVID-19 infections, raising the countrywide tally to 778,238 with a positivity rate of 10.16% and 98 deaths.