Stock exchange closes on a dip as coronavirus scares investors

The prime minister’s recent assurance that businesses would remain open during the second wave of the coronavirus pandemic was not enough to sustain market confidence. The stock exchange ended an otherwise strong week on a dip.

Friday was the last day of trading for the week at the stock exchange and began with a sudden drop in value as the KSE-100, the index used to measure the market’s growth, dropped by over 80 points.

By the end of the day it dropped to 40,770.

An analyst speaking about the session said they did not find this result strange. They noted there has been a lack of animating sentiment this Friday, while the increasingly dire COVID-19 situation continues to be a persistent dampener to positive trends. This is in spite of news such as the high foreign reserve numbers, the current account surplus entering its fourth consecutive month and news of coronavirus vaccines being developed.

Today’s stocks with the largest trade by volume were TRG Pakistan Limited, Unity Foods Limited, K-Electric Limited, Hum Network Limited and Maple Leaf Cement Factory Limited.

The largest rise in value was seen among the stocks of Capital Assets Leasing Corporation, Media Times Limited and First Fidelity Leasing Modaraba.

The biggest drop in value was seen in First National Bank Modaraba, Arshad Energy Limited and BIPL Securities Limited.

The writer is an editorial intern at SAMAA Digital