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Stocks end flat with hopes pinned on spending budget
June 12, 2021
Stocks remained range-bound in Friday’s session, wherein the benchmark index opened on a positive note and closed in the green territory with investors’ optimism primarily fuelled by hopes of an investor friendly federal budget, dealers said.
Ahsan Mehanti at Arif Habib Corp said stocks closed higher led by selected scrips across the board as investors weighed IMF relaxations in federal budget FY22, GDP growth target of 4.8 percent for FY 22, progress in resolving Rs2.1 trillion circular debt and record remittances of $2.5 billion in May 2021.
“Higher global crude oil prices at over $70, surging foreign exchange reserves to $16.4 billion and rupee stability played a catalytic role in the positive close,” he added.
Stocks on Wednesday moved both ways to end flat mainly owing to profit-taking in cement, steel, technology, and energy sectors, dealers said.Pakistan Stock Exchange’s KSE-100 Shares Index.
Market watch: Stock market undergoes correction
Benchmark KSE-100 index drops 64.36 points to close at 48,126.90
KARACHI:
The three-day winning streak at the Pakistan Stock Exchange (PSX) came to an end on Wednesday with a slight drop of over 60 points in the benchmark KSE-100 index amid a lack of positive triggers.
The index displayed volatility and moved between intra-day high and low of 95 and 231 points respectively.
Absence of positive cues kept investors cautious throughout the trading session. Profit-booking was noted in cement, exploration and production and fertiliser sectors.
Earlier, taking cue from Tuesday’s performance, stock trading began on a bullish note, but bears soon took over and dominated market proceedings throughout the session.