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Market watch: KSE-100 skyrockets on earnings optimism
Benchmark index soars 787.78 points to close at 44,741.36
KARACHI:
The Pakistan Stock Exchange (PSX) staged a rebound on Thursday and went north because of overall optimism in the wake of upcoming corporate earnings season.
Investor expectations about strong quarterly financial results and subsiding political uncertainty left a positive impact on activity at the bourse.
Cement and steel stocks were in the limelight during the trading session and both sectors managed to close the session entirely in the positive zone.
Earlier, trading began on a positive note and the KSE-100 index remained on the uptrend throughout the session. A buying spree, emerging in final hours, elevated the gains.
Market watch: Weak economic cues drag KSE-100 down
Benchmark index loses 451.12 points to close at 43,953.58
Shares of 391 companies were traded. At the end of the day, 133 stocks closed higher. PHOTO: REUTERS
KARACHI:
The stock market continued its descent on Wednesday, following a short-lived recovery a day ago, and fell 451 points owing to weak economic cues.
In its report titled Pakistan Development Update – Navigating in Uncertain Times, the World Bank painted a bleak picture of Pakistan, reporting a rise in unemployment and poverty due to Covid-19, which dented investor sentiment.
It also anticipated that the economy would grow 1.3% in the ongoing fiscal year compared to International Monetary Fund’s projection of 1.5% economic expansion for Pakistan.