Market watch: KSE-100 extends decline over rising infections
Benchmark index sheds 376.93 points to close at 44,929.61
Shares of 390 companies were traded. At the end of the day, 92 stocks closed higher. PHOTO: REUTERS
KARACHI:
The Pakistan Stock Exchange extended its decline on Thursday and the KSE-100 index dropped 377 points as Covid-19 cases continued to surge across the nation.
A day ago, National Command and Operation Centre (NCOC) Chairman Asad Umar warned of a complete lockdown in major cities of Pakistan to contain the virus. This announcement, in particular, dented investor spirits and they preferred to remain on the sidelines.
Investors also took cue from a gloomy Covid situation in neighbouring India, which posed a threat to Pakistan’s health system as well.
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Stocks took a hop on Tuesday as some strong financial results and easing security concerns sparked a sentiment driven rally at the apex bourse, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 1.08 percent or 486.21 points to close at 45,399.78 points. Volumes were flat at 343.28 million shares compared to 363.09 million on Monday.
Topline Securities in its market review said equities witnessed a rebound from yesterday’s sell-off with the index closing the day above the psychological level of 45,000 points.
“The uptrend is attributable to successful negotiations between the government and the protesting right wing political parties,” the brokerage said.
Market watch: KSE-100 rallies over political clarity
Benchmark index rises 486.21 points to close at 45,399.78
KARACHI:
Bulls made a comeback to the Pakistan Stock Exchange on Tuesday as the benchmark KSE-100 index climbed 486 points owing to the much-awaited resolution of political dispute and negotiations between the government and protesters.
A host of encouraging financial results, announced during the session, helped the market sustain the buying momentum.
A marginal drop in Covid-19 cases on Monday sparked some optimism about the economy and enticed investors to take fresh positions.
Earlier, trading began with a spike as investors poured money into attractive stocks. The index crossed the 45,500-point mark multiple times, however, selling pressure towards the end of the session restrained the market from closing above that threshold.
Market watch: Stocks tumble amid political scare
Benchmark KSE-100 index drops 392.06 points to close at 44,913.57
Foreign institutional investors were net buyers of Rs37.6 million worth of shares during the trading session. PHOTO: REUTERS
KARACHI:
The Pakistan Stock Exchange began the week on a negative note on Monday, with the benchmark KSE-100 index diving nearly 700 points during the session as the market reacted to repercussions of a strike call.
Gathering clouds on the political and security fronts spooked investors and they began offloading stocks following the decision taken by traders across the country to keep markets shut after former chairman of the Ruet-e-Hilal Committee, Mufti Muneebur Rehman, late on Sunday called for a nationwide strike.
Market watch: Bears hold sway as PSX dives 407 points
Benchmark KSE-100 index falls 0.93% to settle at 43,333.76
KARACHI:
The stock market gave in to bearish pressure on Monday as the benchmark KSE-100 index dived over 400 points owing to weak cues coupled with the economic headwinds faced globally.
Weakening oil prices in the international market coupled with rising coronavirus cases fuelled the bearish momentum at the opening of rollover week.
Oil prices tumbled more than $3 before trimming losses as a fast-spreading new coronavirus strain that had led to tighter restrictions in Europe sparked worries about a slower recovery in fuel demand.
The benchmark index opened down and despite brief spikes it maintained its march towards south. The downward trend turned steeper towards the end of the session. Nevertheless, the bourse managed to sustain the 43,000-point mark.