kSE-100: Stocks stage sharp recovery, index powers past 48,000 level for 1st time in 2 weeks Index gains 805 points; Mutual Funds were net buyers of whopping $12.69 million
July 9, 2021
Stocks staged sharp recovery at Pakistan Stock Exchange (PSX) on Thursday, breaking a four-day losing streak, as bullish momentum triggered a fresh buying spell.
The benchmark KSE-100 index tracking a strong turnaround, gained 805 points, and crossed the 48,000 mark for the first time in 2-weeks.
On Thursday, the market participants breathed a sigh of relief after NCCPL agreed to include June 2021 in CGT calculation, which would reduce payables as a lot of investors have booked losses in June to net off gains.
PSX reports loss on FATF concerns
Index sees range-bound trading due to host of negative triggers
KARACHI:
Bears maintained hold on the Pakistan Stock Exchange (PSX) in the outgoing week as a host of negative triggers, particularly concerns over the Financial Action Task Force (FATF) review of Pakistan, motivated investors to stay on the sidelines.
Resultantly, the KSE-100 index traded range-bound last week and closed at 47,603 level, having lost 635 points or 1.3%.
“On the economic front, talks between Pakistan and the International Monetary Fund (IMF) are still underway and both parties seem hopeful of reaching an agreement soon,” said JS Global analyst Ali Zaidi.
Stocks fell on Friday as investors took no chances hours ahead of anti-money laundering and terror financing watchdog’s verdict on Pakistan’s grey list status, dealers said.The Pakistan.
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