Market watch: Stocks bounce back, partially recoup losses
Benchmark KSE-100 index rises 558.81 points to settle at 45,837.35
PHOTO: ONLINE
KARACHI:
The stock market bounced back on Friday and recouped more than half of the huge loss of nearly 900 points that the benchmark index suffered in the previous trading session.
During the day, the Sensitive Price Indicator (SPI) for the week ended March 4, 2021 was released, which recorded an increase of 15% year-on-year, generating investor interest in bank stocks.
Meanwhile, the international crude oil prices jumped more than 2%, hitting their highest in nearly 14 months, which also lent support to optimism in the stock market.
Market watch: Despite political uncertainty, stocks rise
Benchmark KSE-100 index gains 196.51 points to settle at 46,160.78
PHOTO: AFP
KARACHI:
The stock market extended its gains for the second consecutive day on Wednesday as the benchmark KSE-100 index rose nearly 200 points and crossed the 46,000-point mark.
Investors seemed to be ignoring the political uncertainty ahead of the crucial Senate vote and cautiously took fresh positions. The bull-run came on the back of strong investor sentiment, which fuelled buying interest post-corporate earnings season.
Improved cement sales data, with sales growing 1.98% to 4.577 million tons in February 2021 as compared to 4.489 million tons in February 2020, and surging crude oil prices in the international market lent support to the stock market.
KARACHI: Stocks remained subdued on Monday for the second consecutive session as the 47,000-point barrier again proved a tough nut to crack.
Trading started on a dismal note with the KSE 100-share index barely moving as investors were undecided on the direction of the market. The trend remained choppy with the index swaying between intraday low of 247 points and high of 168 points. The benchmark settled with a loss of 184 points, or 0.39 per cent, at 46,721.87.
The figures released by the National Clearing Company of Pakistan in the evening showed foreign selling of stocks worth $1.36m. Among the locals, banks were the major spoilers that dumped shares of $4.66m.