Stocks end draggy week on decent note
July 17, 2021
Stocks on Friday closed a stagnant week on a decent note, with investors mostly betting on better earnings down the road, traders said.
The benchmark KSE-100 Shares Index at Pakistan Stock Exchange (PSX) finally managed a decent gain of 206.07 points or 0.43 percent to close the day at 47,834.33 points, hitting day high and low of 47,892.20 points and 47,628.26 points respectively.
Ahsan Mehanti, analyst at Arif Habib Corp, said stocks closed bullish led by selected scrips across the board amid speculations ahead of major earning announcements due next week.
He said mid-session pressure remained on falling global crude oil prices and foreign outflows.
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PSX plateau persists on virus, regional risks
July 15, 2021
Stocks continued to crawl along the flatline on Wednesday as smart Covid lockdowns and geopolitical risks muted earningsâ excitement, traders said.
Pakistan Stock Exchange s (PSX) KSE-100 Share Index gained just 10.97 points or 0.02 percent to close at 47,491.47 points, touching an intraday high of 47,595.72 points and a low of 47,443.88 points.
Muhammad Arbash, analyst at Topline Securities, said, investor interest was witnessed in textile sector, where NML, NCL, GATM, and GADT emerged as major gainers; however, on the flip side TRG dented the index most (32 points).
Analysts said even earnings could not trigger the session.
July 15, 2021
KARACHI: Byco Petroleum Pakistan Limited, Pakistan’s largest oil refining company, has signed an agreement for the first-ever implementation of SAP Ariba DSN (Digital Supplier Network) and Sourcing Suite in Pakistan, a statement said on Wednesday.
“The initiative will automate the procurement process enabling a paperless process, significantly eliminating errors and unnecessary delays, as encountered in traditional procurement to the payment process,” the company said.
The MoU was signed by Azfar Saeed Baig, Vice President Information, Byco Petroleum Pakistan and Wasil Amjad, CEO Excellence Delivered Pvt. Ltd.
Addressing the ceremony, Fayaz Ahmad Khan, Vice President Commercial Byco Petroleum, said, “Byco has always been at the forefront of innovation and implementation of processes that are in line with global best practices”.
Stocks retreat on new virus variant frets
July 13, 2021
Stocks on Monday remained in retreat amid noise over surge of a new Covid variant and regional unrest ahead of long Eid holidays next week, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE 100-share Index gave up 116.37 points or 0.24 percent to close at 47,447.08 points, hitting a day high and a low of 47,715.28 points and 47,408.52 points, respectively.
Zafar Moti, former director PSX, said the market had slowed down and volumes were shrinking. “People are downsizing themselves because of the Sacrificial Eid. Afghanistan issue and political noise was also there.”
“Next week is off and the market is unlikely to gather any momentum this week and may remain directionless until Eid holidays are over,” Moti said.
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