Stocks remain subdued amid thin trade
Business
April 17, 2021
Stocks were barely changed on Friday as investors only made some guarded moves amid security and virus concerns, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index closed 0.17 percent or 75.45 points higher to finish at 45,305.63 points.
Ahsan Mehanti at Arif Habib Corp said stocks closed higher led by oil, fertiliser, and cement sectors in the earnings season rally at PSX as investor weighed surge in global crude oil prices and foreign exchange reserves to $23.2 billion.
He said investors remained concerned over security unrest in the country and IMF conditions regarding hike in taxes and energy tariff, which invited mid-session pressure.
Car sales jump 35% in February 2021
Increase comes on back of growing economic activity, lower interest rate
PHOTO: REUTERS
KARACHI:
Despite being hit hard in the previous year, Pakistan’s auto sector bounced back as sales grew 35% to 16,436 units in February 2021, according to data released by the Pakistan Automotive Manufacturers Association (PAMA).
The surge in sales came on the back of improvement in economic activity, which drove demand for vehicles, and a lower policy rate, which led to an increase in auto financing.
“Improving economic conditions in rural areas because of higher prices for agricultural products, and the improving purchasing power parity also helped drive up sales,” said an AHL Research report.