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.
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.
Stocks seen upbeat on macroeconomic indicators
Business
December 13, 2020
Stocks moved in a narrow bank during the outgoing week as investors remained aloof looking at rising political noise amid resignations in opposition ranks and rapidly rising Covid-19 cases in the country, dealers said.
However, it would expectedly change course in the upcoming week owing to suppressed food inflation and improving economic indicators.
Pakistan Stock Exchange s KSE-100 index was up by merely one percent or 263 points during the outgoing week to conclude at 42,470 points week-on-week (WoW). The KSE-100 index largely moved between the narrow range of 42,000 to 42,628 level.
Salman Ahmad, head of institutional investment at Aba Ali Habib said, “Owing to cautious investor sentiment, the market moved in narrow banks due to increasing friction between the federal government and 11-party opposition alliance.”
Stocks remain stuck in range; border tensions bite
Business
December 11, 2020
Stocks on Thursday continued to hover within the ‘minimum risk zone’ with selective buying seen in oil, gas, and food as COVID-wary investors found themselves worrying over national security after tensions erupted on Pakistan-India border, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index gained 0.24 percent or 101.81 points to close at 42,305.84 points. Volumes increased to 472.363 million shares, as compared to 438.146 million on Wednesday. KSE-30 lost 0.11 percent or 19.43 points to end at 17,671.83 points level.
Topline Securities in its daily market review said after a sideways opening, market remained positive through the day making an intraday high of 237 points.
Stocks stay the flattish course in unadventurous trade
Business
December 10, 2020
Stocks on Wednesday failed to snap the flattish streak despite an energy-led upswing as investors are taking no chances fearing the ongoing political conflict may escalate into a full-blown national crisis, dealers said.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index gained 0.24 percent or 102.25 points to close at 42,204.03 points, while volumes increased to 438.146 million shares, as compared to 409.741 million shares in the previous session. KSE-30 was also up 0.33 percent or 57.95 points to end at 17,691.26 points.
Topline Securities in a market review said equities closed positive in line with regional indices. “The market opened on a positive note making an intraday high of 248 points and traded in a range of 319 points through the day, the brokerage said.