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.
Market watch: KSE-100 flat as investors wary of monetary policy
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PSX gains 14 points to close at 47,686 points
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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.
Market watch: PSX sheds 80 points on return from Eid break
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