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Stocks flat on virus fears, political unrest
Business April 14, 2021
KARACHI: Stocks on Tuesday flatlined in a range-bound trade as investors played safe given the rising Covid infections and a brewing political unrest, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 0.16 percent or 70.52 points to close at 45,048.57 points. KSE-30 shares index shed 0.03 percent or 6.45 points to close at 18,436.44 points.
An analyst at Pearl Securities said the benchmark index witnessed squiggly movement amid a political rift from a religious party representative while Covid continued to strike as Pakistan registered 4,318 new cases and 118 people lost their battle against the lethal virus.
KSE-100: Stocks stay flat amid absence of triggers
April 14, 2021
Stocks failed to figure out a direction on Tuesday, as absence of triggers and Covid-19 fears continue to weigh on market sentiments.
On Tuesday, the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,133.41 level after gaining 155.36 points. However, paring earlier gains, the index reversed its trajectory and touched intra-day low at 44,780.06 level after losing 197.99 level.
By the closing bell the benchmark index gained, merely 70.52 points to clock at 45,048.57 level.
During the session the market cheered strong inflows from overseas Pakistani in the form of remittances which exceeded $2 billion for the10th consecutive month in March and clocked at $2.7 billion – up 43 per cent from a year earlier, the State Bank of Pakistan (SBP).
Market watch: Stocks advance 262 points on positive macros
Benchmark KSE-100 index increases 0.58% to close at 45,311.22
PHOTO: ONLINE
KARACHI:
The stock market continued its advance for the second day on Wednesday as the benchmark KSE-100 index gained around 260 points, but trading remained mostly range bound.
Investor optimism on the first day of Ramazan came on the back of approaching corporate earnings season, which sparked a rally and helped sustain the positive momentum.
Upbeat automobile sales data, which showed a robust growth of 198% in March 2021, kept the investment climate buoyant.
Encouraging numbers released by the Pakistan Bureau of Statistics (PBS) for the large-scale manufacturing (LSM) sector, which grew 7.45% in the first eight months (Jul-Feb) of current fiscal year despite the third wave of the Covid-19 pandemic, triggered optimism.