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Stocks down on economic, virus nerves
July 24, 2021
Stocks fell on Friday on economic as well as new virus concerns amid thin trade as investors mostly stayed home on the third day of eid, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index lost 80.19 points or 0.17 percent to 47,793.07 points, touching a day high of 47,947.66 points and a low of 47,691.33 points.
Ahsan Mehanti, senior analyst at Arif Habib Corp, said stocks closed lower in the earnings season on investor concerns over economic uncertainty amid falling rupee and surging trade deficit.
Slump in global crude oil prices, non-receipt of $400 million World Bank on weak IMF ties and worries over diplomatic row and uncertainty over the economic impact of pandemic’s fourth wave on exports and growth pushed the stocks into red zone, Mehanti added.
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