Pakistan stocks fall on corona cases record 4-month high

Pakistan stocks fall on corona cases record 4-month high

KARACHI: Pakistan stocks fell by 153 points on Thursday amid infection of coronavirus i.e. COVID-19 rose to four-month high.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,763 points as against previous day’s closing of 45,916.3 points, showing a decrease of 153 points.

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Analysts at Arif Habib Limited said that the market remained volatile today as Country reported highest ever Covid-19 infections in the last four months.

Market opened on a bleak note as investors remained risk-averse. In Refinery sector, CNERGY remained in the limelight as its board approved acquisition of 57.37 per cent stake in Puma Energy by virtue of which it will become second largest retail fuel network in Pakistan.

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In the last trading hour, profit taking was witnessed across the board. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

Sectors contributing to the performance include Technology & Communication (-50.4 points), Cement (-33.8 points), Tobacco (-14.3 points), Pharma (-12.0 points) and Vanaspati (-11.0 points).

Volumes decreased from 514.4 million shares to 327.6 million shares (-36.3 per cent DoD). Traded value also decreased by 38.9 per cent to reach US$ 36.7 million as against US$ 60.1 million.

Stocks that contributed significantly to the volumes include CNERGY, WTL, HASCOL, UNITYR3 and TRG.

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