KARACHI: The stocks observed volatile trading on Tuesday owing to surge in the cases of Omicron – the new variant of COVID-19.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,881.1 points as against previous day’s closing of 45,887.6 points, showing a decrease of 6.5 points.
Analysts at Arif Habib Limited said that the market remained volatile today due to rapid surge in the Covid-19 cases as within the past 10 days positivity rate has jumped from 1.08 percent to 3.66 percent showing an increase of 338.9 percent since the start of the New Year.
Profit taking was witnessed across the board. However, rally in banking sector was observed due to the expectation of foreign inflows. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Cement (-31 points), E&P (-28 points), Technology & Communication (-20 points), Power (-10 points) and Tobacco (-10 points).
Volumes decreased from 356.9 million shares to 339.1 million shares (-5.0 per cent DoD). Traded value also decreased by 17.9 per cent to reach US$ 55.2 million as against US$ 67.2 million.
Stocks that contributed significantly to the volumes include WTL, HASCOL, UNITYR3, TRG and HUMNL.