Stocks end flat with hopes pinned on spending budget
June 12, 2021
Stocks remained range-bound in Friday’s session, wherein the benchmark index opened on a positive note and closed in the green territory with investors’ optimism primarily fuelled by hopes of an investor friendly federal budget, dealers said.
Ahsan Mehanti at Arif Habib Corp said stocks closed higher led by selected scrips across the board as investors weighed IMF relaxations in federal budget FY22, GDP growth target of 4.8 percent for FY 22, progress in resolving Rs2.1 trillion circular debt and record remittances of $2.5 billion in May 2021.
“Higher global crude oil prices at over $70, surging foreign exchange reserves to $16.4 billion and rupee stability played a catalytic role in the positive close,” he added.
Stocks hiked on Thursday tracking strong world crude oil and equities with the major lift coming from bets on an investor-friendly budget, scheduled today, dealers said.Pakistan Stock.
Stocks moved ahead on Friday after auto sector rallied on expectations of a surge in car sales down the road amid promising economic outlook, dealers said.Pakistan Stock Exchange’s KSE-100.
Business
June 4, 2021
Stocks on Thursday ended hardly changed after opening on a strong note as investors rolled up capital gains across the board in an otherwise bullish market, dealers said.
At Pakistan Stock Exchange (PSX), the benchmark KSE-100 Shares Index shed 0.07 percent or 33.37 points to close at 48,093.53 points.
The ready market volumes stood at 889.93 million shares compared with the turnover of 1.04 billion shares in the last trading session.
Topline Securities in its daily market review said range-bound activity prevailed at the bourse.
Higher international oil prices and $200 million credit facility for housing sector proposed by World Bank led the market to open on a positive note and resulted in an intraday high of 307 points, the brokerage said.
Stocks on Wednesday moved both ways to end flat mainly owing to profit-taking in cement, steel, technology, and energy sectors, dealers said.Pakistan Stock Exchange’s KSE-100 Shares Index.