Dear Clients,
Pakistan Stocks extended fall today with selling witnessed across the board as fears of possible coronavirus-related lockdowns in Pakistan’s biggest cities, as hinted by National Command and Operation Centre (NCOC) Chairman Asad Umar, cast doubts over the prospects of an economic recovery.
Refinery stocks opened positive after news reports that the Ministry of Energy (MoE) is likely to submit new refinery policy to the Economic Coordination Committee (ECC) of the Cabinet next week. However, the gains were short-lived and selling pressure dragged refinery stocks down.
Going forward the direction of the market will be defined by the decision of the National Command and Operation Centre on the extent and nature of the lockdown.
KASB Research
