Market watch: Bulls maintain control, lift KSE-100 upwards
Benchmark index rises 380.02 points to close at 44,943.61
Shares of 370 companies were traded. At the end of the day, 227 stocks closed higher. PHOTO: REUTERS
KARACHI:
Bulls held their positions at the Pakistan Stock Exchange on Wednesday and helped lift the KSE-100 index upwards by 380 points.
News of partial release of payments to independent power producers (IPPs) by the government aided the rally at the bourse.
Upbeat investor sentiment also stemmed from encouraging cement sales data for April 2021, which showed a double-digit growth on a year-on-year basis. As a result, stocks of cement and allied sector attracted investor interest.
KARACHI: Stocks snapped the five-day losing streak on Tuesday as the KSE-100 index recovered 487.39 points, or 1.11 per cent, to settle at 44,563.
Blue-chips that have fallen to attractive valuations caught investors’ fancy with buying seen in top-tier scrips for the entire session. Bargain hunters were active in banks, fertiliser, cement and technology shares.
On the news front, investors took heart from the Covid positive ratio slipping below 9pc after a continuous rise in recent weeks. Also reports of agreements signed for the procurement of 30m doses of vaccine was taken as a positive that could stave off the lockdowns that would hamper industrial and business activities.
Business
May 5, 2021
Stocks rallied on Tuesday as a downtick in virus infection ratio triggered bargain-hunting, especially in blue chips, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 1.11 percent or 487.39 points to close at 44,563.59 points. Volumes shrank to 221.5 million shares from 238.44 million in the last trading session.
Neelam Naz at JS Global Capital said the news of a slight downward trend in Covid cases and positivity ratio on Monday after a continuous rise in recent weeks was taken as a breather by the market.
“Going forward, a cautious stance is advised in the market
and sell on strength is recommended in the coming sessions amid Covid-related uncertainty,” Naz said.
Market dips on EU decision to review GSP+
Business
May 4, 2021
The market was down on Monday with bears dominating bourse on account of EU Parliament’s decision to review Pakistan’s GSP plus status with questions raised on abuse of certain Pakistani laws, dealers said.
Also, the lethal wave of the global pandemic continues to affect the stock market, which dampened investor sentiments as well.
AAH Soomro at KASB Securities said stock market ended lower amid lack of triggers and fear of possible lockdown due to deteriorating Covid-19 situation in the country.
“The benchmark KSE-100 index plunged from the moment trading began and kept trading in the red throughout the day. Rising uncertainty ahead of the long holiday season sparked panic selling by investors, which pushed the index lower.”