Stocks tumble as institutions hedge bets
June 29, 2021
Stocks took a major battering on Monday after institutions launched a position-squaring spree amid lukewarm sentiment owing to MSCI worries and FATF letdown, dealers said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index lost 601.01 points or 1.26 percent to close at 47,002.35 points, hitting a day high of 47,659.19 points and a low of 46,900.26 points.
Haris S Khan, an analyst at brokerage Topline Securities, said equities opened the week on a bearish note and came under selling pressure due to an outstanding futures position, June 2021 financial close, and concerns regarding the MSCI reclassification review.
Moreover, the FATF (Financial Action Task Force) decision to keep Pakistan on the grey list and a current account deficit of $632 million further dampened investor sentiment at the bourse, Khan added.
Stocks fell on Friday as investors took no chances hours ahead of anti-money laundering and terror financing watchdog’s verdict on Pakistan’s grey list status, dealers said.The Pakistan.
Stocks were barely buoyed on Thursday as profit-booking weighed on trade with no stimuli in sight a day ahead of the grey list decision, dealers said.The Pakistan Stock Exchange s benchmark KSE.
Stocks tick down in trigger drought thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Stocks tread water in trendless trade thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.