Stocks off lows as energy, power look sharp
Business
January 20, 2021
Stocks on Tuesday bounced back from back-to-back lows, lifted mainly by energy with power playing a supporting role, amid hopes of high-rewarding earnings results for the quarter ended December 31, 2020, the dealers said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 shares index gained 0.39 percent or 176.55 points to close at 45,903.23 points. Volumes decreased to 491.787 million shares, from 543.645 million shares on Monday. KSE-30 shares index also rose 0.7 percent or 132.91 points to end at 19,152.66 points.
Topline Securities in a research note said, energy sector saw renewed investor interest amidst news reports that the Power Division has proposed to the ECC for allowing MARI to remove cap for dividend distribution after which the stock closed at it upper circuit.
Stocks are primed to pick up next week trusting the current account to post surplus for the first half, the government to announce textile policy, and companies to declare liberal earnings, dealers.
Stocks dip on Moody’s dismal outlook
Business
January 15, 2021
Stocks on Thursday slipped in an overbought market as bet-hedging investors chose not to take any chances after a Moody’s report raised concerns over economy, dealers said.
Benchmark KSE-100 shares index lost 0.22 percent or 102.61 points to close at 45,989.35 points at Pakistan Stock Exchange (PSX). Volumes decreased to 620.746 million shares, from 845.282 million Wednesday. KSE-30 dipped 0.56 percent or 108.47 points to end at 19,177.68 points level.
Muhammad Saeed Khalid, research head at brokerage Shajar Capital, said the stock market remained sluggish mainly because of Moody s dim economic recovery outlook along with the expected decline in banking profitability.
Business
January 14, 2021
Stocks on Wednesday extended gains to make it to a near 33-month high in copious trade, mainly betting on rich corporate results and hopes of big industry revival following upbeat manufacturing data, dealers said.
Benchmark KSE-100 shares index ended 0.37 percent or 169.92 points higher to close at 46,091.96 points at Pakistan Stock Exchange (PSX).
Volumes increased to 845.282 million shares from 825.893 million on Tuesday. KSE-30 shares index was up 0.39 percent or 74.02 points to end at 19,286.15 points.
Muhammad Saeed Khalid, head of research at Shajar Capital, said the market remained robust and performed well above the 46,000 points, marking an intraday high of 393 points, mainly on the expected approval of Textile Policy FY25 the ECC.
Stocks are looking to carry gains into next week as the upcoming corporate results, especially those from banking sector, are likely to boost sentiment, amid hopes that virus vaccinations will soon.