Stocks fall as investors shed overbought names
Business
April 13, 2021
After gaining over two percent last week, stocks corrected on Monday as investors dumped overbought scrips to square their positions ahead of corporate results announcements, dealers said.
Pakistan Stock Exchange (PSX) KSE-100 Shares Index shed 0.46 percent or 208.43 points to close at 44,978.05 points. Volumes reduced to 503.52 million from 688.03 million in the last trading session.
Ahsan Mehanti at Arif Habib Corp said stocks closed bearish amid pressure in overbought scrips on concerns over economic uncertainty and reports of over Rs6.0 trillion tax collection target for FY22, which was likely to impact corporate earnings.
Stocks fall as investors shed overbought names thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
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.