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Market watch: Stocks bounce back, partially recoup losses
Benchmark KSE-100 index rises 558.81 points to settle at 45,837.35
PHOTO: ONLINE
KARACHI:
The stock market bounced back on Friday and recouped more than half of the huge loss of nearly 900 points that the benchmark index suffered in the previous trading session.
During the day, the Sensitive Price Indicator (SPI) for the week ended March 4, 2021 was released, which recorded an increase of 15% year-on-year, generating investor interest in bank stocks.
Meanwhile, the international crude oil prices jumped more than 2%, hitting their highest in nearly 14 months, which also lent support to optimism in the stock market.
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Market watch: KSE-100 loses ground, falls below 46,000
Benchmark index drops 103 points to settle at 45,989.35
Shares of 405 companies were traded. At the end of the day, 187 stocks closed higher. PHOTO: FILE
KARACHI:
A day after breaching the 46,000-point barrier, the bourse turned bearish on Thursday and the KSE-100 index shed 103 points as Moody’s report on Pakistan’s economy played on investors’ mind and they resorted to profit-booking.
Moody’s Investors Service on Wednesday projected that Pakistan’s economy would grow at a slow pace of 1.5% during the ongoing fiscal year, which pushed market players to divest their stockholdings.
In the morning, trading began on a positive note, however, the optimism was overshadowed by gloomy news flow and as a result the index oscillated between green and red zones throughout the day.