KARACHI: Pakistan stocks have witnessed bearish trend on Thursday which was continued since alarming rise in coronavirus.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 44,826 points as against previous day’s closing 44,833 points, showing a decrease of 7 points.
READ MORE: Pakistan’s stocks plunge by 674 points on high oil prices
Analysts at Arif Habib Limited said that bearish momentum was witnessed today due to alarming Covid-19 cases and higher international oil prices.
Market opened on a bleak note and stayed in the red zone throughout the day. Main board activity remained gloomy. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
READ MORE: Stocks fall 105 points on high oil prices, COVID cases
In the last trading hour, across the board buying was observed as short-sellers jumped in to square-off positions.
Sectors contributing to the performance include Technology (-83.1 points), Fertilizer (-22.8 points), Inv. Banks (-17.8 points), Commercial Banks (-9.5 points) and Automobile Assembler (-6.5 points).
READ MORE: KSE-100 observes dull trading on rising COVID cases
Volumes increased from 236.9 million shares to 254.2 million shares (+7.3 per cent DoD). Traded value decreased by -10.7 per cent to reach US$ 43.8 million as against US$ 49.1 million.
Stocks that contributed significantly to the volumes include WTL, CNERGY, GGL, TELE and KEL.
