KARACHI: On the first day of the opening up of the partial lockdown, the stocks traded range-bound on Thursday with the KSE-100 index finishing off the session again on a flattish note with minor gains of 89.27 points (0.28 per cent) at 31,329.46.
Investors seemed to watch if there was some semblance of start-up of the economic activity, mainly in the incentivised construction industry. The index oscillated between the intraday high and low by 205 and 226 points.
On the economic front, the foreign minister confirmed that the International Monetary Fund had decided to give a one-year relief to Islamabad amid the pandemic. Including the other relaxations and aid packages from the IMF, Asian Development and the World Bank along with inclusion by G20 in their debt relief programme, economists suggested the country might be able to greatly make up for the projected negative GDP growth.
International crude prices fell near an 18-year low, which provided impetus to investors to accumulate the heavyweight exploration and production (E&P) scrips, Oil and Gas Development Company and Pakistan Petroleum.