Daily Times
July 5, 2021
The Pakistan Stock Exchange (PSX) is likely to remain volatile this week due to the results season and expectations of growth in various sectors may keep the market in the green zone.
According to analysts, having witnessed a flattish last week, the stocks are expected to perform well in the fiscal year 2021-22 on account of robust earnings growth forecast for cement, steel and allied sectors, amid strong cyclical demand driven by the historic high Public Sector Development Plan (PSDP) allocations and the focus on Naya Pakistan Housing Scheme.
An analyst at Arif Habib Limited said: “The stocks should perform on the expectation of an auto and refinery policies, downwards sticky oil prices supporting the exploration and production (E&P) sector, and commencement of the monetary tightening, which should once again garner interest in commercial banks.”
IN the midst of their long and harrowing ordeal, there may be some light at the end of the tunnel for those affected by the Gujjar and Orangi nullah encroachment operations in Karachi. Sindh Chief Minister Murad Ali Shah announced at a press conference on Friday that the provincial government had decided to allot 80 square yard plots to the 6,500 families displaced as a result of the massive exercise. To that end, he said that the Supreme Court would be approached to provide Rs10bn out of the funds being recovered from Bahria Town on account of the land development firm’s settlement dues. Part of the money, he said, would go towards the construction of houses for the families affected by the anti-encroachment operation.
PSX rings in FY22 on positive note
Index continues range-bound trading amid approval of Finance Bill
ISLAMABAD:
Bulls staged a comeback at the Pakistan Stock Exchange (PSX) following two weeks of bearish trade as the benchmark KSE-100 finished the first week of FY22 with a meagre gain of 83 points or 0.2% to settle at 47,686.18 points.
Interest in selected stocks kept the market buoyant as sector-specific developments spurred buying interest. The index maintained an upwards momentum on the back of approval of federal budget for fiscal year 2021-22. The market finished three of the five sessions in the green.
The week began with the KSE-100 index diving downwards as dismal economic data dented investor sentiment. Current account figures released by the State Bank of Pakistan (SBP), which showed a deficit of $632 million in May 2021, coupled with the decision taken by the Financial Action Task Force (FATF) to keep Pakistan in its grey list and warning of a fourth wave of Covid-19
July 4, 2021
KARACHI: Stocks are seen swinging up ahead betting on higher Public Sector Development Programme (PSDP) allocation led cyclical sector boom, dealers said.
The KSE-100 Shares Index at Pakistan Stock Exchange closed at 47,686 points, up 0.2 percent or 83 points week-on-week.
Brokerage Arif Habib Limited in its weekly stock review said the market was expected to perform well in FY22 on account of robust earnings growth forecast of cement, steel and allied sectors amid strong cyclical demand driven by historic high PSDP allocation and focus on Naya Pakistan Housing scheme, expectation of an Auto and Refinery policy, downwards sticky oil prices supporting the E&P sector, and commencement of monetary tightening, which should once again garner interest in commercial banks.
In the earlier part of the week, equities remained under pressure as financial institutions took profit for ‘’window dressing’’ at the close of their financial year on June 30. AFP/File
KARACHI: Stocks remained volatile in the outgoing week. The KSE-100 index was slightly up by 83 points, or 0.2 per cent, to close at 47,686. The proceedings during the week was the story of two halves.
In the earlier part of the week, equities remained under pressure as financial institutions took profit for ‘’window dressing’’ at the close of their financial year on June 30. In the later part of the year, the passage of the Finance Bill 2021 in the National Assembly offered consolation to institutional and individual investors who began fresh new-year buying. During the week, the index moved range-bound between the high and low of 48,080 and 46,900 points.