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The State Bank of Pakistan has maintained the status quo since June last year after it reduced the policy rate from 13.25pc in about three months following the outbreak of Covid-19. Dawn/File
KARACHI: Analysts expect that the State Bank of Pakistan (SBP) will keep the benchmark interest rate unchanged at seven per cent at the upcoming meeting of the monetary policy committee (MPC) next week.
The MPC will announce the policy rate which is the rate at which commercial banks are allowed to borrow from the SBP on an overnight basis to meet their daily reserve requirements for the next two months on July 27.
KARACHI: Stocks remained lifeless for the second day in a row as the KSE-100 index laboriously moved between the intraday high and low of 114 and 38 points. The closing was again flat with the index shifting upwards by a nominal 11 points to 47,491.
The mounting fear over the increase in Covid cases prompted the Sindh government to initiate a host of measures effective July 15 including closure of indoor dining and cinemas, beaches, inland tourist resorts as well as schools from Class 1-8, all of which was a major dampener on investor sentiments.
The news of killing of 12 people including nine Chinese engineers in a road accident made matters worse as investors started to ditch stocks. As the situation worsens in Afghanistan, the market expects the fallout.
KARACHI: The stock market snapped four-day losing streak on Thursday as the bulls appeared out of nowhere to toss the KSE-100 index up by 805 points, or 1.70 per cent, to close at 48,053 points. Traders and analysts fumbled for reasons to justify the massive rebound.
Market participants attributed the sudden surge of investors’ interest in equities to the decline in oil prices in the international market; Chinese Foreign Ministry’s spokesperson Zhao Lijian positive talk at the Gwadar Port and the government having raised Rs146bn through the PIBs auction where yield remained unchanged.
The developing situation in Afghanistan and the increase in Covid-19 cases for the first time in a week, were set aside. While those positives advanced by market gurus were convincing in varying degrees, the one major reason was the massive buying by mutual funds of stocks worth $12.7m. A fund manager said that “a leading state-owned pension fund” had invested huge idle sums in mutual funds.
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.