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Market watch: KSE-100 rises 118 points on budget optimism
Benchmark index advances 0.25% to close at 48,211.70
KARACHI:
The stock market reversed its trend on Friday and staged a modest rally, helping the KSE-100 index close with a gain of 118 points.
Automobile sector stocks attracted substantial investor internet on the back of anticipation of reduction in taxes on cars in the budget for fiscal year 2021-22.
A news report suggested that the government was considering slashing taxes on new imported and locally assembled cars of up to 800cc engine capacity in the budget.
A spike in international crude oil prices put the spotlight on the local oil-related sectors where market participants made fresh investments.
Stocks roared ahead on Monday as optimism over economic recovery carried the rally into the second week with trade hovering over a billion shares mark, dealers said. Pakistan Stock Exchange’s .
Stocks muted as lockdown noise grows louder
Business
April 22, 2021
Stocks muted on Wednesday as lockdown noise grew louder given the Covid rampage, even eclipsing some lustrous corporate results, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index lost 0.21 percent or 93.24 points
to close at 45,306.54 points. Volumes ticked up to 387.908 million shares from 343.28 million on Tuesday.
A A H Soomro at KASB Securities said market remained flattish-to-red as index kept oscillating in a narrow band in the earnings week as investors weighed the strong possibility of further targeted lockdowns.
“So far, even the good results haven t been able to cheer their share prices. Today s warning from NCOC presents a grim picture of next few days/weeks as hospital capacities are overwhelmed,” Soomro said.