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Market watch: Stock market undergoes correction
Benchmark KSE-100 index drops 64.36 points to close at 48,126.90
KARACHI:
The three-day winning streak at the Pakistan Stock Exchange (PSX) came to an end on Wednesday with a slight drop of over 60 points in the benchmark KSE-100 index amid a lack of positive triggers.
The index displayed volatility and moved between intra-day high and low of 95 and 231 points respectively.
Absence of positive cues kept investors cautious throughout the trading session. Profit-booking was noted in cement, exploration and production and fertiliser sectors.
Earlier, taking cue from Tuesday’s performance, stock trading began on a bullish note, but bears soon took over and dominated market proceedings throughout the session.
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Although the companies mentioned above are already producing or soon to start production, many other local automotive ventures had their venture abruptly halted because of the ongoing pandemic.
Bangladesh Auto Industries Ltd. (BAIL), was planning to establish an electric vehicle factory on Bangabandhu Industrial Park. With an initial investment of $200 million that would total to $1 billion within the next five years, the company planned to manufacture from two-wheelers to sedans, SUVs, pick-ups, mini-trucks, and multipurpose vehicles. Unfortunately, the pandemic slowed down BAIL s plans considerably, with all plans being moved back a year. In an interview with The Daily Star Mir Masud Kabir, managing director of BAIL, said We missed the target as the suppliers could not ship the required equipment on time even though we opened letters of credit earlier on, said Mir Masud Kabir, managing director of BAIL. We were on track before the Covid-19 crisis hit but the
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