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KSE-100 index breaches 44,000 level, YTD return turns negative for 1st time in 2021 Equities Correspondent
Stocks continued to be battered at Pakistan Stock exchange (PSX) as mounting political uncertainty in the country led bears to rule the roost at the bourse. On Wednesday, the benchmark index tumbled for the fifth consecutive session, breaching 44,000 level, as it closed at 43,691.68 level after losing another 531.23points by the closing bell.
On Monday, owing to constant selling pressure, the YTD (Year-to Date) return on benchmark index also turned negative for the first time in CY21 after today’s performance, showing a decline of 63 points or 0.15% as compared to the closing of the previous year.
Stocks suffered more blows on Tuesday as the politically beleaguered government’s decisions to cut central bank’s strings and deny tax concessions to companies sparked a massive selloff,.
Business
January 29, 2021
Stock gave up gains on Thursday as wobbly oil and equities around the world spurred profit-selling in overbought heavyweights, interrupting the result season rally for now, dealers said.
KSE-100 shares index, the benchmark of Pakistan Stock Exchange (PSX), shed 0.63 percent or 292.08 points to end at 46,166.05 points. Volumes ballooned to 844.002 million shares, from 610.940 million on Wednesday. KSE-30 shares index suffered a loss of 0.57 percent or 111.16 points to end at 19,259.11 points.
Salman Ahmad, head of institutional sales at Aba Ali Habib Securities said the selling was due owing to the rollover period; however, positivity centered on the earnings announcements was likely to keep any big correction at bay.
Business January 23, 2021
Stocks were flattish on Friday as investors remained noncommittal until the announcement of a rate-hold by the central bank later in the day, which led a last minute recovery of some early losses, dealers said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 shares index lost 0.25 percent or 116.42 points to close at 45,868.04 points. Volumes shrank to 430.628 million shares, from 606.380 million on Thursday. KSE-30 index also shed 0.46 percent or 87.18 points to end at 19,060.98 points.
Topline Securities in its daily market review said lackluster activity was observed in the first half of trading session, whereas market came under pressure in second half as investors sat on the sidelines waiting for the monetary policy announcement by State Bank of Pakistan (SBP).