KARACHI: Bulls managed to show some resistance at the Pakistan Stock Exchange (PSX) on the back of support provided by some positive news from the economic and corporate front. The decrease in the COVID-19 infection rate also helped in boosting investors’ confidence.

The Karachi Share Index (KSE-100) ended the day 135.42 points (0.29 per cent) up at 47,137.77 points against the previous closing of 47,002.35 points. The market went as high as 47,508.82 points during intra-day trading, while recorded as low as 46,986.47 points.

Trading volumes inclined to 580.76 million shares today as compared to 655.1 million shares during the previous trading day, while the daily traded value moved down to Rs17.16 billion from Rs18.86 billion in the previous session, the data said.

The market showed a decent recovery on the back of buying on dips by the investors at the early hours of the trade. However, some appreciation in prices and the benchmark index provoked investors to book profits that capped the appreciation below 47,500 points levels.

On the other hand, the report that the International Monetary Fund’s (IMF) new expected allocation of special drawing rights (SDR) could boost the country’s reserves by $2.8 billion, according to Fitch ratings supported investors’ confidence. While the activity in the corporate sector also helped the market regain investors’ interest, traders and analysts said.

The National Command and Operation Center (NCOC) on Monday allowed indoor dining for vaccinated persons. From July 1 onwards, indoor dining will be allowed until 11:59 pm, subject to 50 per cent occupancy.

It was added that restaurants and hotel management would have to setup a system to verify the vaccination status of customers and ensure vaccination of their staff. In regards to commercial and business activities, the forum decided on an extension until 10 pm. Essential services would continue 24/7 operation.

The share price of Rafhan Maize increased by Rs390 to Rs9,790, while Indus Motor Company gained Rs49.22 to Rs1,277.75. On the other hand, Colgate Palmolive lost Rs196.71 today to close at Rs2,503.29 while Hinopak Motor lost Rs46.17 to close at Rs569.45.

The author is a senior business and economy journalist . He has worked for leading local and international news organisations.


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