Stocks sluggish as investors stick to sidelines
July 16, 2021
Stocks on Thursday started with a sideways drift but later made some gains that were capped by late profit-booking ahead of eid holidays, traders said.
Pakistan Stock Exchange's (PSX) benchmark KSE-100 Shares Index could only manage to gain 136.79 points or 0.29 percent to close at 47,628.26 points, while it tested a day high of 47,736.13 points and a low of 47,388.55 points.
Zafar Moti, former director PSX, said the market kept going up and down during the session.
“The market remained directionless ahead of last working day of the week (Friday).”
Moti said there were concerns over Taliban issue as it was not good news for Pakistan. “Petrol prices are increasing. There is a liquidity crunch while real picture of the stocks will become clear after Eid,” Moti added.