Stocks resume trade with 141-point decline.

KARACHI -- Profit-taking was witnessed on the first trading day after six-day holidays at the stock market. The KSE-100 index fell 141 points (0.42 per cent) and closed at 33,695.

Selling mainly came from foreigners and local institutions while value buying by individuals prevented the market from sinking lower; the index remained in the red for all of the day and declined to intraday low by 238 points before making a slight bounce back towards the end.

The market remained under pressure for a number of reasons, mainly as only two trading sessions remaiAned for investors to settle May open positions. Current account deficit that clocked in at $572 million in April, compared to $9m in March was a damper on investor sentiments who were visualising discernible improvement in economic indicators.

Investors also restrained themselves from putting more cash in equities due to COVID-19 uncertainties as cases of infection crossed 60,000. On the positive side, the World Bank approved $500m in a loan programme to boost Pakistan's pandemic emergency response.

Moreover, Finance AdviAsAAer Abdul Hafeez Sheikh said the government was preparing a 'Corona Budget' and trying to...