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Stocks cruise in result rally amid economic hopes
Business
January 28, 2021
Stocks headed further north on Wednesday in result season rally with oil sector, especially refineries, blazing the trail amid sentimental support from IMF’s economic growth projections, dealers said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 shares index gained 0.37 percent or 170.75 points to close at 46,458.13 points. Volumes increased to 610.940 million shares, from 603.240 million shares on Tuesday. KSE-30 shares index also hit a high 0.58 percent or 111.27 points to end at 19,370.27 points level.
Brokerage Topline Securities in its daily market review said higher forecast for global economic growth in 2021 by IMF and ongoing smooth rollover week strengthened investor sentiment with the market making an intraday high of 410 points.
Stocks fall as retreating oil triggers energy rout
Business
January 19, 2021
Stocks on Monday suffered casualties after retreating international crude oil triggered an energy rout, while cyclical also bore the brunt of profit-selling, dealers said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 shares index lost 0.44 percent or 204.32 points to close at 45,726.68 points. Volumes increased to 543.645 million shares, from 531.065 million on Friday. KSE-30 shares index also dipped 0.47 percent or 89.89 points to end at 19,019.75 points.
Topline Securities in a note said stocks struggled to sustain above the 46,000 points in a volatile session and eventually succumbed to selling pressure, while a dip in international oil prices dented energy sector.
Stocks surge amid easing political fears
Business
December 15, 2020
Stocks on Monday crossed 43,000 points after almost 11 months, drawing strength from an apparently weakening anti-government protest movement, with cyclical sectors hitting the limelight after posting double-digit sales growth, hinting at a recovering economy, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index gained 1.87 percent or 795.82 points to close at 43,266.22 points, while volumes swelled to 629.525 million shares, as compared with 557.610 million in the previous session. KSE-30 followed the suit with a high of 2.02 percent or 358.52 points to end at 18,088.67 points.
Tahir Abbas, director research at Arif Habib Limited, said the market surged after some clarity on the political front eased investor concerns as last week the opposition lawmakers seemed adamant on tendering resignations in a bid to mount pressure on the government.