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Shares fall for third day on Covid fears

by Pakistan Latest News Update

KARACHI: Shares fell for the third straight session on Monday with the KSE-100 index declining by 366 factors, or 0.77 per cent, to shut at 47,124.

The benchmark has plunged by whole of 666 factors in three periods, primarily as traders proceed to be spooked by the rise in Covid an infection circumstances and deaths.

Though the market opened within the constructive zone because the Sindh authorities lifted the week-long lockdown on Monday, enjoyable the coronavirus restrictions until Aug 31, however the members had been quickly unwell comfortable over the continuation of the comfort, lest the constructive circumstances begin to soar once more.

The uncertainty and lack of triggers stored the investor sentiments fragile who determined to take a seat on money or search the shelter of risk-free mounted revenue securities. The index oscillated between the intraday excessive and low by 135 and 436 factors with the steadiness tipping on the bearish facet.

Establishments determined to go lengthy and construct their portfolios. International traders purchased shares price $1.30m. Amongst native members, corporations and banks cherry-picked shares in metal, expertise, refinery and cement sectors. Whereas mutual funds and people determined to err on the facet of warning and liquidate positions.

On the outcomes entrance, Fortunate Cement introduced progress in consolidated after tax revenue by 273computer over the sooner 12 months however skipped the dividend for the quarter ended June 30, 2021 which dampened the investor sentiments.

The buying and selling quantity and worth clocked in at 337m shares and Rs11.33bn respectively. WorldCall Telecom led the five-top quantity leaders with buying and selling seen in 42m shares. It was adopted by FFL with 17m shares and GGL with 17m shares. Mixture quantity fell 33computer over the 500m shares that modified palms on Friday.

Sector-wise, expertise & communications, meals & private care and industrial banks noticed brisk buying and selling. Analysts identified the main laggards that dragged the index down included TRG, Fortunate Cement, Hubco, Engro Corp and GHGL.

Revealed in Daybreak, August 10th, 2021

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