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KARACHI: Stocks remained lifeless for the second day in a row as the KSE-100 index laboriously moved between the intraday high and low of 114 and 38 points. The closing was again flat with the index shifting upwards by a nominal 11 points to 47,491.
The mounting fear over the increase in Covid cases prompted the Sindh government to initiate a host of measures effective July 15 including closure of indoor dining and cinemas, beaches, inland tourist resorts as well as schools from Class 1-8, all of which was a major dampener on investor sentiments.
The news of killing of 12 people including nine Chinese engineers in a road accident made matters worse as investors started to ditch stocks. As the situation worsens in Afghanistan, the market expects the fallout.
In the earlier part of the week, equities remained under pressure as financial institutions took profit for ‘’window dressing’’ at the close of their financial year on June 30. AFP/File
KARACHI: Stocks remained volatile in the outgoing week. The KSE-100 index was slightly up by 83 points, or 0.2 per cent, to close at 47,686. The proceedings during the week was the story of two halves.
In the earlier part of the week, equities remained under pressure as financial institutions took profit for ‘’window dressing’’ at the close of their financial year on June 30. In the later part of the year, the passage of the Finance Bill 2021 in the National Assembly offered consolation to institutional and individual investors who began fresh new-year buying. During the week, the index moved range-bound between the high and low of 48,080 and 46,900 points.