The Pakistan Stock Exchange (PSX) staged a rebound on Wednesday but the KSE-100 index rose just 57 points in range-bound trading as investors were wary of surging Covid-19 cases in the country and expectations of the rate hike in the monetary policy announcement due tomorrow.
Trading remained mixed as bulls locked horns with bears to take control of the market. Escalating inflation sparked fears among market participants of further tightening of monetary policy rate and widening of the current account deficit.
Moreover, investors panicked over rising Covid-19 infection cases and chose to stay on the sidelines, anticipating the renewed instruction of stringent measures by the government.
Following a brief positive open, the KSE-100 index lost ground and entered the negative territory within the initial minutes. From that point onwards, the market witnessed minor ups and downs.
At close, the benchmark KSE-100 index closed at 41,159.79 points with a gain of 57.11 points or 0.14%.