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Market watch: KSE-100 skyrockets as political tensions ease
Benchmark index soars 1,008.32 points to settle at 43,788.08
KARACHI:
Contrary to the dominant bearish trend during the week, the benchmark KSE-100 index skyrocketed over 1,000 points on the last day of trading week, surpassing the 43,000-point mark.
The positive performance came on the back of fading cloud of political uncertainty as investors were optimistic about the Senate chairman election.
According to the election results, announced after the trading session, incumbent Senate Chairman Sadiq Sanjrani was re-elected to the chair of the upper house, defeating Pakistan Democratic Movement (PDM) candidate Yousuf Raza Gilani.
In addition to that, the flow of workers’ remittances into Pakistan remained strong above $2 billion for the ninth successive month in February 2021. According to data released by the State Bank of Pakistan, the country received remittances worth $2.26 billion in February, which was 24% higher
Market watch: Stocks dive on political uncertainty
Benchmark KSE-100 index falls 786.29 points to settle at 45,051.06
PHOTO: AFP
KARACHI:
Bears returned to the stock market on Monday as investors offloaded shares in the wake of political uncertainty, which triggered a plunge of nearly 800 points in the KSE-100 index.
With some positive news flow, the market traded in a wide range and moved between intra-day high and low of 595 and 988 points respectively.
Initially, there was some optimism, which was attributed to the success of Prime Minister Imran Khan in securing the vote of confidence from the National Assembly on Saturday.
However, macroeconomic concerns impacted the investment climate negatively and sent investors to the exit door, who dumped stocks to seek shelter.
PSX loses 786 points to close at 45,051 points dunyanews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dunyanews.tv Daily Mail and Mail on Sunday newspapers.
Stocks soar as PM seen passing political litmus
Business
March 6, 2021
Stocks managed a mighty rally on Friday mostly on bets the premier is set to ace his critical political test on Saturday, dealers said.
KSE-100 shares index gained 1.23 percent or 558.81 points to close at 45,837.35 points at Pakistan Stock Exchange (PSX), while traded volume and value stood at 316 million shares and Rs15.9 billion respectively.
Topline Securities in its daily market review said stocks rebounded on last trading day of the week on expectations that Prime minister Imran Khan was well-positioned to win the vote of confidence from National Assembly after Senate vote upset, where governmentâs candidate Hafeez Shaikh lost to opposition candidate Yousuf Raza Gilani.