Pakistan equities opened higher led by improving reserves amid an inflow of USD 498.7mn from IMF as a loan tranche and launch of bonds worth USD 2.5bn. However selling was witnessed in the last hour of the trading session as rising Covid-19 cases in the country and fears of strict lockdown rattled investor sentiment, pushing the benchmark index down approximately 500 points from its day high.
KSE-100 closed up by 96.8 points to 44,587.85 levels with 253.2mn volumes. Highest activity was recorded in BYCO (-1.60%) with 74.0mn shares traded, TRG (-3.10%) with 39.2mn shares and PRL (-1.32%) with 31.2mn shares traded.
Going forward, we expect the market to remain range bound with investors fearing a prolonged 3rd wave and strict lockdowns.