KARACHI: Trading at Pakistan Stock Exchange (PSX) remained range-bound as news from the political and COVID-19 front kept investors largely on the sidelines. The easing of SOPs by the government and the rise in the number of COVID-19 fatalities draws an unclear path ahead.
The benchmark KSE-100 Index was traded at 45,729 points at 1:30 pm, 46 points up from the previous day close. Market started the day in positive and went as high as 45,831.12 points before noon, however, the selling pressure pulled the index down as low as 45,567 points by 12:30 pm.
“There seems no clear picture to set investment target at least for this week,” traders and analysts said. “Investors are getting impatient also due to situation in the middle east while COVID-19 infection fear is still there.” There is a cautious feeling regarding Pakistan’s stance on the Palestine situation as it can lead to unrest here as well, they added.
Soon after reaching New York on Wednesday for United Nations General Assembly (UNGA) session on Palestine, Foreign Minister Shah Mehmood Qureshi held consultations with the ambassadors of muslim countries to adopt a joint stance on the situation.
Yesterday, hundreds of people took to the streets of Karachi to rally for the freedom of Palestine, in the midst of Israel’s escalating aggression in Gaza. The demonstration held at Karachi Press Club saw a number of people from all walks of life, united for the Palestinian cause.
Israeli attacks on Gaza have thus far killed 217 Palestinians, resulting in a global outcry.