- All sectoral indices ended lower led by Oil and Gas, Banks. KSE30 index shed 3.3 percent
Jitters in the Stock Market as Government announced enhanced measures to counter rising cases of COVID19. Adding to that, uncertainty due to the second wave of COVID-19 cases hitting Pakistan along with its Export destinations in US and Europe has also dented investor sentiments, leading to sell off in global as well as domestic equities.
All of these factors have played their part in pushing the Index lower after a long period of consolidation around the 40,000 – 41,000 zone.
A pressure on Pakistani Rupee is also imminent as any lock down or restricted commercial activities will lead to lower Operating hours for Manufacturing sector and will eventually hurt exports.
Going ahead, eyes would be on the Inflation Figure for the month of October-2020 as well as Monetary Policy Meeting in Mid November. Amid a shaky landscape, rupee still looks to find some breather around 160 mark. However if that is also taken out, 165 – 170 mark also looks likely on the cards.
After opening, Index was in a continuous slide, benchmark KSE-100 ended at 39,888, down 1,300 points or 3.15%.
A cautious stance to be taken as there is high uncertainty in global markets due to recent surge in COVID cases. Markets across the world are volatile because of rising corona cases impacting the recovery of economy and ambiguities over the US election and stimulus package.
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