Pakistan stocks saw a volatile ride with the benchmark KSE-100 Index ending the session 0.33% lower on Thursday, while volume and value of shares traded decreased on a day-to-day basis.
Investors remained risk-averse, multiple analysts told Business Recorder, awaiting clarity on multiple fronts.
At close, the index finished with a fall of 153.05 points or 0.33% to end at 45,763.20. The KSE-100 had hit an intra-day high of 46,002.
“Investors preferred to sit on the sidelines due to rise in number of coronavirus cases,” said Capital Stake in a post-market comment.
Pakistan's coronavirus positivity was recorded at an alarming 6.12% during the last 24 hours, while the country reported 3,019 new cases. This is the highest positivity ratio since September 8 when the level stood at 6.43%.
On the economic front, the federal government and the State Bank of Pakistan in their report submitted to the Sindh High Court, have recommended a complete ban on cryptocurrency. According to the report, nobody could be allowed to indulge in the digital money business as it was illegal.
On the corporate front, Cynergyico PK Limited in its filing to the bourse announced that its Board approved the acquisition of a 57.37% stake in Puma Energy Pakistan Private Limited.
KSE-100 ends with trimmed gains, unable to sustain 46,000 level
Sectors driving the benchmark index downwards included technology and communication (50.34 points), cement (33.81 points) and food and personal care products (21.71 points).
Volumes decreased substantially, clocking in at 327.60 million on the all-share index, down from 514.38 million on Wednesday. The value of shares traded also declined to Rs6.48 billion from Rs10.60 billion.
Cnergyico PK was the volume leader with 74.10 million shares, followed by WorldCall Telecom with 47.81 million shares, and Hascol Petroleum with 23.4 million shares.
Shares of 353 companies were traded on Thursday, of which 135 registered an increase, 196 recorded a fall, and 22 remained unchanged.
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