Stocks sluggish as investors stick to sidelines
July 16, 2021
Stocks on Thursday started with a sideways drift but later made some gains that were capped by late profit-booking ahead of eid holidays, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index could only manage to gain 136.79 points or 0.29 percent to close at 47,628.26 points, while it tested a day high of 47,736.13 points and a low of 47,388.55 points.
Zafar Moti, former director PSX, said the market kept going up and down during the session.
“The market remained directionless ahead of last working day of the week (Friday).”
Moti said there were concerns over Taliban issue as it was not good news for Pakistan. “Petrol prices are increasing. There is a liquidity crunch while real picture of the stocks will become clear after Eid,” Moti added.
PSX plateau persists on virus, regional risks
July 15, 2021
Stocks continued to crawl along the flatline on Wednesday as smart Covid lockdowns and geopolitical risks muted earningsâ excitement, traders said.
Pakistan Stock Exchange s (PSX) KSE-100 Share Index gained just 10.97 points or 0.02 percent to close at 47,491.47 points, touching an intraday high of 47,595.72 points and a low of 47,443.88 points.
Muhammad Arbash, analyst at Topline Securities, said, investor interest was witnessed in textile sector, where NML, NCL, GATM, and GADT emerged as major gainers; however, on the flip side TRG dented the index most (32 points).
Analysts said even earnings could not trigger the session.
Stocks barely changed on regional uncertainty
July 14, 2021
Stocks on Tuesday were flattened by new virus jitters and Afghan power transition uncertainty despite upbeat remittance data, traders said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Shares Index finished with a gain of 33.42 points or 0.07 percent to close at 47,480.50 points, hitting a session high and a low of 47,585.18 points and 47,439.89 points respectively.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks showed recovery led by selected scrips across the board in late session institutional support on speculations ahead of corporate results in the earnings season.
However, he said, mid-session pressure remained on rupee instability and concerns for regional uncertainty.
Index clocks at 47,480 level, volume recorded at 102 million shares
July 14, 2021
Market participation continued to dwindle at KSE-100 index in a range bound session on Tuesday, as looming deadline to submit Capital Gain Tax (CGT) kept investors away from the bourse.
On Tuesday, the index clocked at 47,480 level after posting a meagre 33.41 point gain by the closing bell. The index accelerated to an intraday high of 47,585.18 points and slid to an intraday low of 47,439.89 points, moving within a range of 145.29 points and closing the session in consolidation.
Earlier, trading began on a positive note and the index inched closer to the 47,600-point mark in early hours, however, investors took this as an opportunity to book profit, which interrupted the ascent and dragged the market down.
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