Stocks sluggish as investors stick to sidelines
July 16, 2021
Stocks on Thursday started with a sideways drift but later made some gains that were capped by late profit-booking ahead of eid holidays, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index could only manage to gain 136.79 points or 0.29 percent to close at 47,628.26 points, while it tested a day high of 47,736.13 points and a low of 47,388.55 points.
Zafar Moti, former director PSX, said the market kept going up and down during the session.
“The market remained directionless ahead of last working day of the week (Friday).”
Moti said there were concerns over Taliban issue as it was not good news for Pakistan. “Petrol prices are increasing. There is a liquidity crunch while real picture of the stocks will become clear after Eid,” Moti added.
PSX plateau persists on virus, regional risks
July 15, 2021
Stocks continued to crawl along the flatline on Wednesday as smart Covid lockdowns and geopolitical risks muted earningsâ excitement, traders said.
Pakistan Stock Exchange s (PSX) KSE-100 Share Index gained just 10.97 points or 0.02 percent to close at 47,491.47 points, touching an intraday high of 47,595.72 points and a low of 47,443.88 points.
Muhammad Arbash, analyst at Topline Securities, said, investor interest was witnessed in textile sector, where NML, NCL, GATM, and GADT emerged as major gainers; however, on the flip side TRG dented the index most (32 points).
Analysts said even earnings could not trigger the session.
Stocks skyrocket as institutions amass big names
July 9, 2021
Stocks blasted off to the upside on Thursday after China’s avowal to back Pakistan in thick and thin sent sentiments through the roof sparking pre-earnings season institutional buying in big names, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Share Index jumped 805.25 points or 1.70 percent to 48,053.17 points, while it touched a day low of 47,247.92 points during the trade. Speaking at a seminar on Wednesday, Chinese State Councilor and Foreign Minister Wang Yi said, “No matter how the international landscape shifts, China will always stand side by side with Pakistan and staunchly support it in safeguarding national independence, sovereignty, and territorial integrity, and in blazing a development path suited to Pakistan s national realities to realise the grand vision of a ‘New Pakistan’ ”.
Stocks lose for third day as economic angst lingers
July 8, 2021
Stocks on Wednesday lost for the third straight session as institutional investors continued to cut down their exposure on economic and geopolitical noise, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Share Index shed 98.24 points or 0.21 percent to close at 47,247.92 points, touching a day high of 47,375.67 points and a low of 47,034.64 points.
Muhammad Arbash, analyst at Topline Securities said equities came under some selling pressure after trading in a narrow range.
During the session, the market tested a low of 311 points as investors were concerned over high commodity prices, geopolitical concerns, and collection of CGT (Capital Gain Tax) for 11MFY21, he said.
Stocks jump on upbeat June exports
July 2, 2021
Stocks on Thursday rallied after upbeat June exports drew investors into cyclical, banks, and technology shares, amid strong inflows, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Share Index gained 444.55 points or 0.94 percent to close at 47,800.57 hitting a day high of 47,843.47 points and a low of 47,356.02 points.
Muhammad Arbash, analyst at Topline Securities, said bulls dominated the index on the first day of FY22.
The market opened on a positive note and maintained momentum throughout the day mostly banking on the Prime Minister Imran Khan’s statement that exports for June 2021 were recorded at $2.7 billion, he said.