Business January 7, 2021
Stocks on Wednesday ended near three-year high as a surprise oil surge fired up energy sector that was later joined by cements on price hike hopes and banks because of strong earnings outlook, dealers said.
Benchmark KSE-100 shares index hit a high of 1.13 percent or 502.99 points to close at 45,153.42 points at Pakistan Stock Exchange (PSX). Volumes increased to 664.538 million shares, from 582.367 million shares on Tuesday. KSE-30 gained 1.14 percent or 212.97 points to end at 18,921.67 points.
Ovais Ahsan, chief executive officer at Optimus Capital Management, said oil and gas exploration sector led the rally initially tracking an up to 5 percent upsurge in crude oil overnight, mainly spurred by Saudi Arabia’s announcement of a surprise production cut.
Stocks enter New Year with a bang on energy strength
Business January 2, 2021
Stocks on Friday soared to enter 2021 with a bang led by energy and power sectors that cheered reports that government and private power producers have found a sweet spot to move ahead with an agreement to clear the circular debt of the power sector, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index gained 1.55 percent or 679.42 points to close at 44.434.80 points. Volumes increased to 642.622 million shares, from 578.250 million shares on Thursday. KSE-30 also hit a high of 2.22 percent or 404.01 points to end at 18,584.01 points.
Ovais Ahsan, chief executive officer at Optimus Capital Management, said the market started 2021 on a bullish note on the back of positive news flow in the energy sector and easing inflation numbers”.
Business
December 24, 2020
Stocks on Wednesday snapped out of a two-day rout on cyclical strength, especially cement sector, in volatile trade, amid support from banks, autos, and engineering shares, dealers said.
The KSE-100 shares index, the benchmark of Pakistan Stock Exchange (PSX), gained 0.42 percent or 180.76 points to close at 43,087.70 points. Volumes decreased to 378.938 million shares, from 561.855 million on Tuesday. KSE-30 rose 0.46 percent or 82.08 points to end at 17,939.18 points.
Muhammad Saeed Khalid, head of research at Shajar Capital said the market remained range bound, despite recovering balance of payments numbers, marking an intra-day high of 310 points, closing at just above 43,000 index levels.
Stocks lose as mutated virus sets off global rout
Business
December 22, 2020
Stocks on Monday had a hard landing piloted by energy sector as emergence of a mutated as well as deadlier COVID strain plunged global oil and equity markets in new scares, while some year-end selling ahead of rollover week also weighed, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index lost 0.93 percent or 406.80 points to close at 43,333.76 points. Volumes swelled to 516.465 million shares, as compared with 482.628 million in the previous session. KSE-30 shares index shed 1.22 percent or 223.01 points to end at 18,023.20 points.
Ovais Ahsan, chief executive officer at Optimus Capital Management, said, the market started off the week in negative territory dragged down by oil exploration stocks with OGDC and PPL both losing more than 4 percent following a fall in global prices.
Stocks flat after hitting new intraday highs
Business
December 16, 2020
Stocks on Tuesday staged a stellar show that flopped near the end as investors stampeded to book profits after global oil and equity rout hit the panic button, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index lost 0.04 percent or 15.38 points to close at 43,250.84 points, while volumes increased to 702.210 million shares, as compared with 629.525 million on Monday. KSE-30 also hit a low of 0.27 percent or 47.97 points to end at 18,040.70 points level.
Ovais Ahsan, chief executive officer at Optimus Capital Management said the market closed slightly in the negative zone as profit-taking clipped intraday gains.