Stock market ends down by 65 points amid lackluster investors’ response

Stock market ends down by 65 points amid lackluster investors’ response

KARACHI: The stock market fell by 65 points on Monday as investors have shown lackluster response owing to rising COVID cases.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,504 points from last Friday’s closing of 40,569 points, losing 65 points.

Analysts at Topline Securities, the stock market had opened the week with a lackluster session with uncertainty regarding the lockdown owing to rising COVID cases.

The KSE-100 Index managed to close the day at 40,504.75 (down 0.16%) albeit with thin volumes. Positive news flow was there with PTI managing to secure a lead in the Gilgit-Baltistan elections, cement price per bag is expected to increase by PKR 5/bag w.e.f tomorrow and FDI for the month of October 2020 witnessed a growth of 151 percent YoY and 68 percent MoM.

However, investors shrugged off these positive developments as rising COVID cases continued to weigh on sentiment.

KEL was today’s volume leader with 24.9 million shares traded and the stock closed the day up 5.04 percent as the federal government sought two weeks’ time from Supreme Court of Pakistan to present a viable solution to Karachi Electric’s (KE) issues including exclusivity after 2023.

SHEL (up 3.86 percent) also saw renewed buying interest after the company notified the exchange that the BoD have approved an increase in the Authorized Share capital from Rs1.5 billion to Rs3 billion.

Total traded volume declined by 25 percent DoD to 181.22 million shares while total traded value clocked in at Rs6.17 billion (down 21.8 percent DoD).

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