Stocks open rollover week in red
July 27, 2021
Stocks were off to a strong start on Monday led by select names, but were later pulled down by others as rollover week has kicked in amid economic jitters, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index shed 120.39 points or 0.25 percent to close at 47,672.68 points, testing a day high of 47,930.85 points and a low of 47,608.79 points.
Zafar Moti, former director PSX, said the market exuded optimism in the day as the opening was good because of PTI’s winning the Kashmir election. However, he said, traders thought a billion shares would be traded in this session as it had happened right after Ramazan/Eid-ul-Fitr holidays but the momentum fizzled with selling orders coming in the end.
Stocks down on economic, virus nerves
July 24, 2021
Stocks fell on Friday on economic as well as new virus concerns amid thin trade as investors mostly stayed home on the third day of eid, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index lost 80.19 points or 0.17 percent to 47,793.07 points, touching a day high of 47,947.66 points and a low of 47,691.33 points.
Ahsan Mehanti, senior analyst at Arif Habib Corp, said stocks closed lower in the earnings season on investor concerns over economic uncertainty amid falling rupee and surging trade deficit.
Slump in global crude oil prices, non-receipt of $400 million World Bank on weak IMF ties and worries over diplomatic row and uncertainty over the economic impact of pandemic’s fourth wave on exports and growth pushed the stocks into red zone, Mehanti added.
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.
PSX loses 489 72 points to close at 47,563 45 points dunyanews.tv - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dunyanews.tv Daily Mail and Mail on Sunday newspapers.
Stocks close higher tracking budget approval
July 1, 2021
Stocks closed higher on Wednesday as approval of federal budget and World Bank loan for power sector reforms had positive impact on investor sentiments, traders said.
The Pakistan Stock Exchange (PSX) benchmark KSE 100-shares index went up 0.46 percent or 218.25 points to close at 47,356.02 points, against 47,137.77 points recorded in the last session.
Intraday high was 47,460.31 points, while the lowest level of the day was recorded at 47,137.77 points.
Analyst Ahsan Mehanti at Arif Habib Corp said, “Stocks closed bullish at the year-end close as investors weighed higher global crude oil prices, National Assembly passing finance bill FY22, World Bank approval of $800 million for power sector reforms.”