KSE-100 rises 2% in volatile week
Rising Covid infections, developments on economic front limit gains
KARACHI:
The outgoing week proved to be a rollercoaster ride for the Pakistan Stock Exchange as both positive and negative developments continued to influence the direction of the market and kept the index oscillating between the red and green zones.
While soaring Covid-19 cases limited gains last week, some encouraging newsflows lifted the market and helped the KSE-100 index gained 885 points or 2% to close at 45,187 points. The bourse partially erased losses of 1,221 points borne in the prior week.
The week kicked off with a steep drop in the KSE-100 index on back of unsatisfactory economic scenario coupled with a significant jump in coronavirus cases all over the country. The government resorted to impose smart lockdowns in Covid hotspots which caused panic among market participants and kept them at bay.
Kse-100: Bulls lift index to cross 45,000 mark
April 10, 2021
Bulls continued to dominate Pakistan Stock Exchange (PSX) for the second day, as stocks extended their gains to lift benchmark kse-100 index by 445.12 points by the closing bell to cross 45,000 mark.
Senior Vice President, BMA Capital Management Limited, Irfan Saeed said that Friday’s gains were primarily linked to a technical bounce back as the index was projected to cross 45,200 level, but warned that technical correction can be witnessed in the next session, as profit taking is expected at this level. Mr Saeed, however added that the current uphill trajectory of the index can also be linked to upbeat investors sentiments, who are expecting strong financial results season, specifically for the cement and steel sector, which have witnessed a surge in dispatches and sales.
Market watch: KSE-100 breaches 45,000-point mark
Benchmark index gains 445.12 points to close at 45,186.48
KARACHI:
The stock market continued its recovery on Friday with the benchmark KSE-100 index recouping another 445 points on last trading day of the week as positive macros once again helped the index surpass the 45,000-point mark.
A surge in foreign exchange reserves, which rose above $16 billion on Thursday with the receipt of $2.5 billion via Eurobond issue, played the role of a catalyst in the bullish close at the Pakistan Stock Exchange.
Last week, Pakistan entered the international capital market after a gap of over three years by successfully raising $2.5 billion through a multi-tranche transaction of 5-, 10- and 30-year Eurobonds.
KSE-100: Foreign selling weighs down index by 451 points
April 8, 2021
Following a short-lived recovery in the previous session at the Pakistan Stock Exchange (PSX), the market was in jitters on Wednesday owing to heavy selling pressure by the foreign investors, as benchmark KSE-100 index lost 451.12 points by the closing bell and breached 43,000 level.
Investors once again were in frenzy, as selling pressure in index heavy-weight stocks weighed on sentiments. On Wednesday, the index opened positive, following previous session’s gains, and touched intra-day high at 44,571.91 after it gained 167.91 points. However, reversing the earlier gains, the index entered negative territory and lost 646.65 points to touch intra-day low at 43,758.05 level.
Market watch: KSE-100 skyrockets on earnings optimism
Benchmark index soars 787.78 points to close at 44,741.36
KARACHI:
The Pakistan Stock Exchange (PSX) staged a rebound on Thursday and went north because of overall optimism in the wake of upcoming corporate earnings season.
Investor expectations about strong quarterly financial results and subsiding political uncertainty left a positive impact on activity at the bourse.
Cement and steel stocks were in the limelight during the trading session and both sectors managed to close the session entirely in the positive zone.
Earlier, trading began on a positive note and the KSE-100 index remained on the uptrend throughout the session. A buying spree, emerging in final hours, elevated the gains.