KARACHI: The Pakistan Stock Exchange (PSX) observed a bearish trend on Wednesday as the stock market seek to regain control by suffering weeks uncertainty and market rout due to coronavirus pandemic.
The benchmark KSE 100 index witnessed a decline of 260.29 points, a decrease of 0.83 percent, to close at 30,971.27 points. The bourse regained the 31,000 points level but could not maintain control and declined before trading was suspended. The total volume of scripts was 153.088 million valued at Rs5.53 billion, showing a significant decline.
Meanwhile, the lower bench KSE 30 index also declined by 147.88 points (-1.07%) and closed at 13,717.92 points. The total volume of scripts was 71.027 million. The share prices of top active stock which increased include Unity (7.05%), Hascol (0.74%), FFL (5.33%), KEL (0.72%) and BOP (0.49%). The share prices of PAEL (-6.49%), MLCF (-2.18%), PIOC (-0.82%), DGKC (-0.04%) and FCCL (-2.56%).
The stock market is witnessing a topsy-turvy week as bulls and bears seek to gains control of the stock market. The stock exchange rebounded yesterday registering a healthy gain of 652.40 points, recovering much of the losses during the day.
This upward trend could be continued amid uncertainty about the exact impact of the coronavirus pandemic on the economy. There is optimism that Pakistan might not adversely impact as many developing countries, which has improved investor confidence in the equity market as they prefer valued optimism.
The Financial Action Task Force (FATF) has also given relaxation and allowed Pakistan to submit its compliance report by October 2020. The global crude price have also bottomed which could possibly benefit Pakistan’s current account deficit.
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