Stocks to stay green on diluting political noise
Business
December 20, 2020
Stocks increased close to three percent in the outgoing week, with a flurry of buying spurred by local banks and individuals, with average daily volumes up 21 percent on hope of early vaccine arrivals, dealers said, expecting the market to stay positive in days ahead.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index demonstrated positive momentum during the outgoing week, it increased by 2.96 percent or 1,270.16 points to close at 43,740 points level.
Muhammad Saeed Khalid, head of research at Shajar Capital said the balance of payment numbers along with the advance release numbers would likely improve activity in the index.
December 19, 2020
Stocks ended barely changed after getting off to a good start as second-session profit-taking wiped out all the early points, despite firm fundamentals and strong sentiments, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index lost 0.06 percent or 26.13 points to close at 43,740.56 point.
Volumes decreased to 482.628 million shares, as compared to 497.562 million shares in the previous session. KSE-30 also hit a low of 0.14 percent or 25.43 points to end at 18,246.21 points level.
Topline Securities in a note said continuing its momentum from the previous day (Thursday), the market opened on a positive note to make an intraday high of 189 points. However, intraday profit taking in second half of the trading session led the index to close on a flat note, the brokerage added.
Index upbeat as global crude rally stokes local energy scrips
Business
December 18, 2020
The capital market surged on Thursday as sustained increase in global crude oil prices stoked a volumetric rally in domestic energy scrips, supported further by upbeat economic data, dealers said.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index gained 0.94 percent or 406.50 points to close at 43,766.69 points. Last time the index closed at 43,931 points was on June 11, 2018.
The volumes increased to 497.562 million shares, as compared with the turnover of 702.210 million shares in the previous session.
The current level of the index is now the highest level during the current government’s tenure.
Business
December 17, 2020
Stocks on Wednesday ended tad higher as profit-selling in technology and refinery sectors overwhelmed an energy rally, whereas cements that succumbed to selling pressure after cartelisation reports also did a good deal of damage, dealers said.
Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index gained 0.25 percent or 109.35 points to close at 43,360.19 points level.
Volumes decreased to 433.020 million shares from 702.210 million on Tuesday. KSE-30 was 0.34 percent or 60.92 points up to end at 18,101.62 points level.
Topline Securities in a note said stocks moved in a range 372 points throughout the day. Cements turned out to be the major laggards on Wednesday following the news that CCP (Competition Commission of Pakistan) has reportedly found evidence against northern manufacturers’ involvement in cartelisation, the brokerage said.
Stocks flat after hitting new intraday highs
Business
December 16, 2020
Stocks on Tuesday staged a stellar show that flopped near the end as investors stampeded to book profits after global oil and equity rout hit the panic button, dealers said.
Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index lost 0.04 percent or 15.38 points to close at 43,250.84 points, while volumes increased to 702.210 million shares, as compared with 629.525 million on Monday. KSE-30 also hit a low of 0.27 percent or 47.97 points to end at 18,040.70 points level.
Ovais Ahsan, chief executive officer at Optimus Capital Management said the market closed slightly in the negative zone as profit-taking clipped intraday gains.