Market watch: Despite political uncertainty, stocks rise
Benchmark KSE-100 index gains 196.51 points to settle at 46,160.78
PHOTO: AFP
KARACHI:
The stock market extended its gains for the second consecutive day on Wednesday as the benchmark KSE-100 index rose nearly 200 points and crossed the 46,000-point mark.
Investors seemed to be ignoring the political uncertainty ahead of the crucial Senate vote and cautiously took fresh positions. The bull-run came on the back of strong investor sentiment, which fuelled buying interest post-corporate earnings season.
Improved cement sales data, with sales growing 1.98% to 4.577 million tons in February 2021 as compared to 4.489 million tons in February 2020, and surging crude oil prices in the international market lent support to the stock market.
Shares continued to tumble for the sixth consecutive session on Friday with the KSE-100 index down 247.16 points, or 0.54 per cent, to close at 45,808. File photo
KARACHI: Shares continued to tumble for the sixth consecutive session on Friday with the KSE-100 index down 247.16 points, or 0.54 per cent, to close at 45,808. It rounded off the aggregate weekly losses in the index by 1,097 points.
The market remained volatile swinging between the intraday high of 302 and low by 324 points. Much of the selling pressure came in the closing hour of the second session on profit-booking by banks in the sum of $3.19m. Insurance companies that had dragged the index down a day earlier showed partly net sale of $0.39m. The foreign investors decided to pick up stocks at low prices, hammered by about a week’s sell-off. Foreign buying stood in the net sum of $1.59m.
KARACHI: Stocks remained subdued on Monday for the second consecutive session as the 47,000-point barrier again proved a tough nut to crack.
Trading started on a dismal note with the KSE 100-share index barely moving as investors were undecided on the direction of the market. The trend remained choppy with the index swaying between intraday low of 247 points and high of 168 points. The benchmark settled with a loss of 184 points, or 0.39 per cent, at 46,721.87.
The figures released by the National Clearing Company of Pakistan in the evening showed foreign selling of stocks worth $1.36m. Among the locals, banks were the major spoilers that dumped shares of $4.66m.
KARACHI: Shares snapped the three-day winning streak as the bulls took a breather on the second last day of the rollover week. The KSE-100 index tumbled 292.08 points, or 0.63 per cent, to close at 46,166.05.
A lack of triggers, fall in global markets and the ECC meeting again ignoring the approval of Textile Policy and the revision of OMC margins turned sentiments weak. Investor interest was further dented as Nepra indicated Rs1.60 per unit increase in power tariff against fuel adjustment.
The market remained volatile for the entire session, though mostly in the red as the popular sectors that had propelled the index over the past weeks withdrew support. Profit-taking in technology, E&P and oil & gas marketing companies drove the index down from intraday high by 187 points to 347 points low.
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