Stocks end flat on C/A deficit nerves
Business
February 10, 2021
Stocks flatlined on Tuesday after hitting a brick wall at around 47,000-mark because of profit-selling that mainly broke out owing to nerves over current account deficit numbers, upcoming FATF review, and political noise, dealers said.
The capital market continued to face adjustments and profit taking as investors showed concern over the upcoming FATF meeting and political rallies called by the opposition, dealers said.
KSE-100 shares index lost 0.1 percent or 47.1 points to close at 46,674.77 points at Pakistan Stock Exchange (PSX). Volumes increased to 664.033 million shares, from 428.626 million on Tuesday. KSE-30 shares index dipped 0.07 percent or 13.26 points to end at 19,486.59 points.
Stocks fall into correction led by institutions
Business
February 9, 2021
The capital market on Monday recorded selling pressure with institutions choosing to book their profits in overbought heavy weights amid market adjustment and resistance at 47,000 points level, dealers said.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index lost 0.39 percent or 183.92 points to close at 46,721.87 points level. Volumes decreased 428.626 million shares, from 440.278 million shares traded on Thursday. KSE-30 shares index also dipped 0.39 percent or 76.14 points to end at 19,499.85 points level.
Salman Ahmad, head of institutional sales at Aba Ali Habib, said, “Market has been under pressure since the index breached the 47,000 points level; need some time to pull out from the selling pressure as adjustments failed to keep the pace.”
Upbeat MSCI, FATF prospects likely to keep index positive
Business
February 7, 2021
The capital market during the outgoing week showed positive performance on higher exports numbers and arrival of Covid-19 vaccines, with expectations that the Finance Action Task Force (FATF) and review of MSCI would keep the bull run going in the coming sessions too, dealers said.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index remained positive at a 3.5 year high. It went up 1.12 percent or 520 points, to close at 46,906 points in the outgoing week. During first week of the month, the benchmark index remained positive where it touched a high of 47,339 points and a low of 46,188 points.
Trend at the capital market was almost flat on Thursday owing to long weekend and settlement issues, with equities facing selling pressure from investors booking their profits and resistance beyond.
The index moved up on Tuesday with revival of investor confidence in power and pharmaceutical sectors amid healthier volumetric gains in cement and oil sectors too, dealers said.Pakistan Stock.