KARACHI: The stock market remained under pressure for the second day in a row on Wednesday as investors continued offloading their positions amid lack of positive triggers with the result the benchmark KSE 100-index lost 233.75 points, or 0.52 per cent, to close at 45,059.12 points.
Topline Securities Ltd noted in its market report that the trading began on a positive note and the index made an intraday high of 296 points. However, the market didn’t sustain the positivity as the second half witnessed a low of 272 points after ECC deferred summary till next meeting on 40pc payments to independent power producers (IPPs).
KARACHI: Fears of lockdown return shook up investor confidence on Tuesday as the benchmark KSE 100-share index lost 389.90 points, or 0.85 per cent, to close at 45,292.87.
After opening in the green, the market witnessed a profit-taking spree in the midday following better than expected corporate earning announcements which took the index to hit intraday low at 45,170.
Topline Securities Ltd in its report said fears of Covid-related lockdown came to haunt the market again as the Sindh government decided to ban inter-city transport and close educational institutions while the ongoing futures roll-over week added extra pressure.
The major laggards were OGDC, PPL, Engro, POL and PSO that cumulatively dented the benchmark index by 261 points.
Business
April 28, 2021
Stocks fell on Tuesday as profit-taking followed an institutional cash injection a day earlier, with most of players remaining noncommittal as stricter virus curbs loom large, dealers said.
KSE-100 Shares Index, the benchmark of Pakistan Stock Exchange’s (PSX), suffered a loss of 0.68 percent or 210.73 points to close at 45,292.87 points. Volumes eased to 366 million shares from 409.08 million in the last trading session.
Topline Securities in its daily market review said the index witnessed a volatile session, printing an intraday high of 45,937 (up 0.56 percent) and an intra-day low of 45,170 (down 1.12 percent).
Fears of COVID related lockdown came to haunt the market again after the Sindh Government decided to ban intercity transport and close educational institutes while the ongoing futures rollover week also added extra pressure, the brokerage said.
Market watch: Stocks extend losses amid lack of triggers
Benchmark KSE-100 index falls 233.75 points to close at 45,059.12
Overall trading volumes dropped to 305.8 million shares compared with Tuesday’s tally of 366.8 million. PHOTO: FILE
KARACHI:
The stock market extended its fall on Wednesday in the absence of positive cues, though the pace of decline slowed down from the previous day.
In the morning, the benchmark KSE-100 index opened in the green, however, as an uneasy calm prevailed in the market, the index succumbed to selling pressure from exploration and production, bank and cement sectors. A lack of positive triggers kept investors cautious throughout the trading session.