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Stocks end flat with hopes pinned on spending budget
June 12, 2021
Stocks remained range-bound in Friday’s session, wherein the benchmark index opened on a positive note and closed in the green territory with investors’ optimism primarily fuelled by hopes of an investor friendly federal budget, dealers said.
Ahsan Mehanti at Arif Habib Corp said stocks closed higher led by selected scrips across the board as investors weighed IMF relaxations in federal budget FY22, GDP growth target of 4.8 percent for FY 22, progress in resolving Rs2.1 trillion circular debt and record remittances of $2.5 billion in May 2021.
“Higher global crude oil prices at over $70, surging foreign exchange reserves to $16.4 billion and rupee stability played a catalytic role in the positive close,” he added.
Market watch: KSE-100 falls below 48,000-point mark
Benchmark index sheds 370.36 points to settle at 47,777.62
KARACHI:
Uncertainty gripped the stock market on Wednesday as the benchmark KSE-100 index dived over 400 points in intra-day trading ahead of the release of Economic Survey 2020-21 and announcement of federal budget.
The government will release the survey report on June 10 and unveil the budget for fiscal year 2021-22 on June 11.
It will be the third budget of the Pakistan Tehreek-e-Insaf (PTI) government, in which it is expected to levy new taxes and increase the existing ones.
Discussions with the International Monetary Fund (IMF) on budget proposals prevented investors from taking fresh positions, therefore, the KSE-100 index failed to sustain the 48,000-point mark. Investors remained wary of pouring fresh investment during the day.
Stocks moved ahead on Friday after auto sector rallied on expectations of a surge in car sales down the road amid promising economic outlook, dealers said.Pakistan Stock Exchange’s KSE-100.