KARACHI: The stock market gained to maintain the upward momentum on Friday despite global oil prices rebounding and ended the week on a downward trend.
The benchmark KSE 100 index maintained a decline of 44.45 points (0.14%) and closed at 32,806.38 points. The stock market remained range bound for much of the day and failed to make any significant gains. The indices briefly crossed the 33,000 points level before sliding back until trading was suspended. The total volume of trade was 98.708 million valued at Rs4.498 million.
The lower bench KSE 100 index also remained flat and declined by 2.17 points (-0.02%) and closed at 14,422.30 points. The total volume of shares traded declined to 47.055 million.
The stock market failed to react to the rise in global crude prices. A report by Moody’s rating agency projected that Pakistan’s GDP would contract by 0.5 percent in FY20, while the economy would grow by more than two percent in next fiscal year 2021.
The rupee strengthened against the dollar at Rs159.98 in the inter-bank market on Thursday compared with the previous day’s close of Rs160.36, according to the State Bank of Pakistan (SBP). The central bank also released data showing that the current account deficit by 73 percent in the nine months of the current fiscal year.
These achievements failed to trigger the stock market which ended on a downward trend. Investors remained cautious as the coronavirus pandemic could worsen in the coming months and stayed away from the stock market.
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