Market watch: Selling pressure drags KSE-100 down
Benchmark index falls 426.82 points to settle at 42,906.94
Shares of 405 companies were traded. At the end of the day, 187 stocks closed higher. PHOTO: FILE
KARACHI:
Selling pressure persisted at the Pakistan Stock Exchange on Tuesday, which pulled the KSE-100 index down by 427 points as the emergence of a new Covid-19 strain weighed on investors’ sentiment.
The coronavirus strain, discovered in the UK, sent financial and equity markets around the world plunging.
A dip in global oil prices, as a result of negative news flow, had a spillover effect on the domestic oil sectors and stocks of exploration and production and oil marketing companies faced a substantial selloff.
Local Investment Bank Attracts Offer from Dubai-Based Investor
Invest Capital Investment Bank, a local investment bank, has received an offer from a Dubai-based company to acquire its major stakes comprising 55 percent shareholding.
According to the stock disclosure, the local investment bank said that Dubai Climate Trading LLC approached its management to purchase major shares as negotiations on the potential deal are underway.
The bank will inform the authorities for a prospect deal formally, in case the negotiation is succeeded for sale and purchase of 158 million shares, the official notification further stated.
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The investment banks have been facing a tough business scenario in Pakistan as the majority of these companies are running in losses. Investors from different sectors are looking for acquiring shares in these banks in Pakistan, such as Bahria Town’s acquisition of Escorts Investment Bank a couple of years ago.
Market watch: Bears hold sway as PSX dives 407 points
Benchmark KSE-100 index falls 0.93% to settle at 43,333.76
KARACHI:
The stock market gave in to bearish pressure on Monday as the benchmark KSE-100 index dived over 400 points owing to weak cues coupled with the economic headwinds faced globally.
Weakening oil prices in the international market coupled with rising coronavirus cases fuelled the bearish momentum at the opening of rollover week.
Oil prices tumbled more than $3 before trimming losses as a fast-spreading new coronavirus strain that had led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
The benchmark index opened down and despite brief spikes it maintained its march towards south. The downward trend turned steeper towards the end of the session. Nevertheless, the bourse managed to sustain the 43,000-point mark.