KARACHI: The Pakistan Stock Exchange (PSX) managed to overcome the bearish trend and managed to end the expected last trading day before Ramadan in positive. Despite low trade volume, increasing numbers of COVID-19 infection and the intra-day volatility, some positive news from the macroeconomic front supported investors’ confidence.
The Karachi Share Index (KSE-100) ended the day with 70.52 points (0.16 per cent) up at 45,048.57 points against the previous closing of 44,978.05 points. The market went as high as 45,133.41 points during intra-day trading, recording a low of 44,788.89.
The trading volume declined to 473.4million shares today compared to 503.5m traded in the previous session, according to PSX website data. The daily traded value inclined to Rs8.4bn from Rs19.9bn in the previous session, the data stated.
At the start of the day investors were sceptical due to COVID-19 cases rise and some protests from the religious party yesterday evening, traders and analyst said. However, news such as record increase in remittances and control over the protest invited investors for selective buying today.
Prime Minister Imran Khan revealed that remittances had risen to $2.7bn in March, 43 per cent higher than last year. So far, in this fiscal year, remittances rose to 26 per cent, the premier added, thanking overseas Pakistanis for sending over $2bn for 10 straight months despite COVID-19, “breaking all records”.
The share price of AKD Capital increased by Rs30.84 to Rs442.15 while Nestle Pakistan gained Rs30 to Rs5,850. On the other hand, Rafhan Maize lost Rs394.50 today to close at Rs 9,205 while Gatron lost Rs41.54 to close at Rs512.42.