Stocks retreat on new virus variant frets
July 13, 2021
Stocks on Monday remained in retreat amid noise over surge of a new Covid variant and regional unrest ahead of long Eid holidays next week, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE 100-share Index gave up 116.37 points or 0.24 percent to close at 47,447.08 points, hitting a day high and a low of 47,715.28 points and 47,408.52 points, respectively.
Zafar Moti, former director PSX, said the market had slowed down and volumes were shrinking. “People are downsizing themselves because of the Sacrificial Eid. Afghanistan issue and political noise was also there.”
“Next week is off and the market is unlikely to gather any momentum this week and may remain directionless until Eid holidays are over,” Moti said.
PSX turns around, gains 33 42 points closes at 47,480 points
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Market watch: KSE-100 inches up in range-bound session
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Stocks close higher tracking budget approval
July 1, 2021
Stocks closed higher on Wednesday as approval of federal budget and World Bank loan for power sector reforms had positive impact on investor sentiments, traders said.
The Pakistan Stock Exchange (PSX) benchmark KSE 100-shares index went up 0.46 percent or 218.25 points to close at 47,356.02 points, against 47,137.77 points recorded in the last session.
Intraday high was 47,460.31 points, while the lowest level of the day was recorded at 47,137.77 points.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed bullish at the year-end close as investors weighed higher global crude oil prices, National Assembly passing finance bill FY22, World Bank approval of $800 million for power sector reforms.”
Stocks tumble as institutions hedge bets
June 29, 2021
Stocks took a major battering on Monday after institutions launched a position-squaring spree amid lukewarm sentiment owing to MSCI worries and FATF letdown, dealers said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index lost 601.01 points or 1.26 percent to close at 47,002.35 points, hitting a day high of 47,659.19 points and a low of 46,900.26 points.
Haris S Khan, an analyst at brokerage Topline Securities, said equities opened the week on a bearish note and came under selling pressure due to an outstanding futures position, June 2021 financial close, and concerns regarding the MSCI reclassification review.
Moreover, the FATF (Financial Action Task Force) decision to keep Pakistan on the grey list and a current account deficit of $632 million further dampened investor sentiment at the bourse, Khan added.