Stocks lose 531 points to settle below 44,000-level - Newspaper dawn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dawn.com Daily Mail and Mail on Sunday newspapers.
As the results’ season draws to a close, analysts work feverishly on their calculators to determine the corporate profitability for the quarter ended on Dec 31, 2020.
The results are pleasantly surprising. The aggregate profit earned by listed companies in the quarter amounted to Rs213.9 billion, registering impressive growth of 38 per cent year-on-year. Sector-wise reviews show the segment with the heaviest weight in the KSE-100 index, commercial banks, contributed the highest sum of Rs48bn earned in the quarter. The figure, however, fell by 8pc over the profits recorded in the same quarter in 2019.
The oil and gas exploration and production sector produced the second highest profit after tax of Rs41bn for the quarter, which was 15pc lower than the earnings of Rs48.1bn in the same quarter in 2019.
Earnings to drive stocks in bumpy trade
Business
February 21, 2021
Stocks are expected to rise from the ashes of last week’s burnout as investors are seen placing faith in corporations to declare openhanded earnings in the coming days, dealers said.
The benchmark KSE-100 shares index gained 0.91 percent or 419.29 points for the week ended February 19, 2019 to close at 46,227.65 points. KSE-30 shares index gained 0.66 percent or 126.14 points to end the week at 19,230.64 points.
“The index performed mainly on the positivity on the economic and large-scale manufacturing side where we have noticed significant rise in textile and food exports, surging 8.0 percent and 2.5 percent, respectively in 7MFY21, compared to 7MFY20,” said Muhammad Saeed Khalid, head of Research at Shajar Capital.
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After a day of stopover, the stock market resumed its northward journey with the KSE-100 index ramping up 219.49 points, or 0.48 per cent, on the final day of the trading week. AFP/File
KARACHI: After a day of stopover, the stock market resumed its northward journey with the KSE-100 index ramping up 219.49 points, or 0.48 per cent, on the final day of the trading week, closing at 46,386 points.
The index started out in green and shot up to intraday high by 491 points. Investors accumulated stocks despite the weekend ahead. In the second session, the index retreated which took away much of the earlier gains. Foreign investors sold shares worth $3.51m followed by insurance companies offloading stocks valued at $4.56m. Brokers also decided to take profit. The liquidity was mopped up by individuals who took fresh positions in stocks worth $4.66m during the day followed by purchase at dips by companies, banks and mutual funds.