KARACHI: Pakistan Stock Exchange (PSX) managed to maintain an upward rally for the third day in a row with activity in tech, cement and banking shares. The increase in share prices and psychological barrier of near four-year high levels opted investors to avail some intra-day profit-taking.
The Karachi Share Index (KSE-100) gained 295 points (0.61 percent) at 2 pm, against the previous closing of 47,896.34 points. The market went as high as 48,237.61 points during intraday trading, while recording as low as 47,896.34 points.
The favourble news from the economic front and three months low rate for COVID-19 infection supported market sentiments to extend bullish rally, traders and analysts said. However, today was some mixed trading day as the market found some correction during the mid-day before noon that encouraged investors for selective buying, traders and analysts said.
Currently, investors are observing some extra caution now as the market seems bound to see some corrections near the current levels to consolidate before moving up going forward, they added.
The news of the Federal Board of Revenue (FBR) exceeding its 11-month target also had a positive impact. The FBR collected Rs4,167 billion in the current fiscal year against an assigned target of Rs3,994 bn, reflecting an increase of Rs173bn. After this tax collection, the FBR has registered a growth of about 18 per cent.
On the other hand, Pakistan reported its lowest coronavirus positivity ratio in three months at 3.71 per cent. In the last 24 hours, Pakistan recorded 71 deaths while 1,771 people tested positive for COVID-19, according to the latest statistics released by the National Command and Operation Centre (NCOC).