Despite COVID jitters, KSE-100 inches up in range-bound session

• Investors keep an eye on rising omicron cases, widening trade deficit.
• KSE-100 index rise nearly 20 points to settle at 45,407.89.
• Shares of 363 companies were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) extended its bull-run on Wednesday and the KSE-100 index rose nearly 20 points; however, investors remained concerned about rising COVID-19 cases.

While the market players cheered come clarity in the government’s action regarding the supplementary finance bill, overall sentiment remained mixed as investors were concerned over rising cases of coronavirus in the country and globally and chances of a possible lockdown.

Moreover, the widening trade deficit and fluctuation in rupee-dollar parity restricted the investors from assuming fresh positions.

At the close, the benchmark KSE-100 index gained 17.05 points, or 0.04%, to close at 45,407.89 points.

A report from Topline Securities noted that it was a range-bound day at the stock market where trading kicked off on a negative note in the backdrop of rising omicron cases across Pakistan.

Shares of 363 companies were traded during the session. At the close of trading, 174 scrips closed in the green, 167 in the red, and 22 remained unchanged.

Overall trading volumes surged to 432.06 million shares compared with Tuesday’s tally of 375.98 million. The value of shares traded during the day was Rs10.28 billion.

WorldCall Telecom Limited was the volume leader with 75.59 million shares traded, gaining Rs0.19 to close at Rs2.36. It was followed by Unity Foods with 66.8 million shares traded, gaining Rs0.79 to close at Rs2.27, and Telecard Limited with 23.80 million shares traded, gaining Rs0.65 to close at Rs17.96.