Business
May 1, 2021
Stocks suffered another blow on Friday as investors fiercely hedged their bets given the virus crisis, cold-shouldering some good results at the end of the rollover week, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index shed 1.34 percent or 600.76 points to close at 44,262.35 points. Volumes were almost flat at 293.74 million shares from 280.67 million shares in the last trading session.
Topline Securities in a note said the market opened on a positive note as index gained to make an intraday high of 194 points, attributable to healthy result announcements at the opening.
However, market soon came under selling pressure due to last day of rollover week and limited trading hours, the brokerage said.
Mid-Morning Market Update: Markets Edge Lower; General Electric Reports Mixed Q1 Results
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Mid-Day Market Update: Crude Oil Rises 1%; PQ Group Shares Plummet
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Netsol Technologies (NASDAQ: NTWK) are two penny stocks that are trading sharply higher into Tuesday.
RiceBran is possibly moving amid a 2021 financial results conference call that’s scheduled for Wednesday.
Netsol is likely moving after the company signed a five-year, multi-million-dollar renewal with a Japanese automotive customer.
Below is a technical look at the charts.
RiceBran Daily Chart Analysis
RiceBran stock looks to have broken out of what technical traders may call a bullish flag pattern.
The stock recently crossed above the 50-day moving average (green) and the 200-day moving average (blue), indicating sentiment is turning bullish.
These moving averages may hold as support in the future.