Stocks end draggy week on decent note
July 17, 2021
Stocks on Friday closed a stagnant week on a decent note, with investors mostly betting on better earnings down the road, traders said.
The benchmark KSE-100 Shares Index at Pakistan Stock Exchange (PSX) finally managed a decent gain of 206.07 points or 0.43 percent to close the day at 47,834.33 points, hitting day high and low of 47,892.20 points and 47,628.26 points respectively.
Ahsan Mehanti, analyst at Arif Habib Corp, said stocks closed bullish led by selected scrips across the board amid speculations ahead of major earning announcements due next week.
He said mid-session pressure remained on falling global crude oil prices and foreign outflows.
Stocks fall on economic red flags
July 10, 2021
Stocks shed a good deal of gains made a day earlier as an anaemic economic outlook coupled with a global rout sent investors fleeing to safety, traders said.
KSE-100 Share Index lost 489.72 points or 1.02 percent to close at 47,563.45 points at Pakistan Stock Exchange (PSX). The index oscillated between a high of 48,053.17 points and a low of 47,546.01 points.
Ahsan Mehanti, analyst at Arif Habib Corp said the losses were led by scrips across the board on concerns over weak economic outlook.
Weak global equities, rupee instability, uncertainty on EU GSP plus status on human right issues, concerns over non-disbursement of $400 million World Bank loan delayed because of weak IMF ties shook investor sentiment, Mehanti said.