Abb Takk News

PSX Sheds 325 Points

KARACHI: Pakistan stocks came under pressure on Thursday as the benchmark KSE-100 Index closed in the red, losing 0.72% to end near the 45,000-point level.

Profit-taking was witnessed throughout the day, mainly in the tech and cement sectors.

At close on Thursday, the index finished with a drop of 325.59 points or 0.72% to end at 45,082.30.

“The market remained under pressure due to the higher trade deficit number and rising number of Covid-19’s Omicron variant cases in Pakistan,” said market experts.

Adding to investors’ concerns, the number of coronavirus cases in the country surged to 1,085, the highest since October last year, while the positivity ratio increased to 2.32%.

On the economic front, trade deficit widened by 106.4% during the first half (July-December) of the current fiscal year 2021-22 and reached $25.478 billion compared to $12.344 billion during the same period of 2020-21, revealed the Pakistan Bureau of Statistics (PBS).

Sectors dragging the benchmark index lower included technology and communication (113.63 points), cement (85.15 points) and oil and gas marketing (26.03 points).

Shares of 360 companies were traded on Thursday, of which 87 registered an increase, 258 recorded a fall, and 15 remained unchanged.