The Pakistan Stock Exchange made strong recovery in the shortened (four-session) outgoing week with the KSE-100 index up by 912 points, or 1.3 per cent, to settle at 45,175. AFP/File
KARACHI: The Pakistan Stock Exchange (PSX) made strong recovery in the shortened (four-session) outgoing week with the KSE-100 index up by 912 points, or 1.3 per cent, to settle at 45,175.
After almost two months of depression, investors took heart and were encouraged by several positive developments. Finance Minister Shaukat Tarin stated that Pakistan would approach the IMF regarding relaxation in some tough conditions. He also declared that his focus would be on accelerating the growth in economy, which was well-received by the market.
KARACHI: Stocks climbed for the third day in a row with the KSE-100 index adding 231.06 points, or 0.51 per cent, to settle at 45,174.67.
Although investor participation was low, institutions decided to take long positions on hopes of further upsurge post-Eid holidays. They were encouraged by the statement of Finance Minister Shaukat Tarin who declared that Pakistan would request IMF to review its position as there was no room to increase power tariff and taxes. The finance minister also reiterated his stance on focus towards growth.
Value hunters put money in cements, banks, fertilisers, refinery, tobacco and technology scrips. Speculators took interest in off-main-board items Worldcall, Telecard and took fresh positions in the technology favourites, TRG and Netsol, despite the fact that those were pummelled in the recent days. The market opened on a positive note and took a slight dip of 54 points.
Market watch: KSE-100 rises ahead of long break
Benchmark index gains 231.06 points to close at 45,174.67
Shares of 358 companies were traded. At the end of the day, 231 stocks closed higher. PHOTO: REUTERS
KARACHI:
The Pakistan Stock Exchange on Thursday extended gains in a roller coaster session and the KSE-100 index rose 231 points owing to investor focus on selected sectors.
Index-heavy automobile, financial and fertiliser sectors attracted modest investor interest and lifted the market upwards. Investor sentiment kept on fluctuating ahead of long holidays as fears of a rise in Covid-19 cases could hamper economic activity.
Trading began on a positive note, however, investors resorted to profit-booking in initial hours, which dragged the index down.
KSE-100: Stocks extend gains; index up 380 points
May 6, 2021
Stocks extended gains at Pakistan Stock Exchange (PSX) for the second consecutive day, as positive news-flow over possible resolution of long term IPP issue and government’s decision to renegotiate tariffs and tax issue with the IMF, lifted market sentiments.
On Wednesday, the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,173.61 level after gaining over 610.02 points. However, the index clocked at 44,943.61 level by the closing bell after posting a 380 points gain.
During the session, investor sentiments were primarily buoyed by the news regarding the resolution of the long-awaited IPPs issue as the Economic Coordination Committee was set to take up a matter pertaining to 40% dues to IPPs.
The index made an intraday high of 610 points.
The bullishness in the market was underpinned by investors’ interest in the independent power producers, including Hub Power and Kot Addu, on reports of partial release of funds by the government to settle IPPs’ outstanding dues.
Other positives were the decrease in positivity ratio of Covid-19 which was a relief to shareholders as they looked forward to no disruption in business and industrial activity.
The traders were also looking forward to a market-friendly budget as Finance Minister Shaukat Tarin who held the post of chairman of the board of exchange in 2000 and 2006 was aware of the market issues and needs. Sales of cement showed double-digit growth in April compared to same period last year pointing towards speedy construction work on housing and infrastructure.