Stocks leap as data beats lockdown blues
August 3, 2021
Stocks spun higher on Monday led by textiles and technology on dollar strength, while upbeat economic data cheered investors out of virus lockdown blues, traders said.
Pakistan Stock Exchange s (PSX) benchmark KSE-100 Shares Index gained Rs397.96 or 0.85 percent to close at 47,453.25 points, touching a day high of 47,508.74 points and a low of 47,051.81 points.
Ahsan Mehanti, analyst at Arif Habib Corp, said, stocks showed sharp recovery in the earnings season amid late session buying on reports of record $2.35 billion exports in July surging 17.3 percent year-on-year. Higher global crude oil prices and speculations ahead of major earning announcements this week strengthened the sentiment, Mehanti added.
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