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Stocks rise as political tensions ease

Stocks rise as political tensions ease
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Market watch: KSE-100 skyrockets as political tensions ease

Market watch: KSE-100 skyrockets as political tensions ease
Benchmark index soars 1,008.32 points to settle at 43,788.08
KARACHI:
Contrary to the dominant bearish trend during the week, the benchmark KSE-100 index skyrocketed over 1,000 points on the last day of trading week, surpassing the 43,000-point mark.
The positive performance came on the back of fading cloud of political uncertainty as investors were optimistic about the Senate chairman election.
According to the election results, announced after the trading session, incumbent Senate Chairman Sadiq Sanjrani was re-elected to the chair of the upper house, defeating Pakistan Democratic Movement (PDM) candidate Yousuf Raza Gilani.
In addition to that, the flow of workers’ remittances into Pakistan remained strong above $2 billion for the ninth successive month in February 2021. According to data released by the State Bank of Pakistan, the country received remittances worth $2.26 billion in February, ....

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Market watch: Stocks shed 204 points on global oil price rout

Market watch: Stocks shed 204 points on global oil price rout
Benchmark KSE-100 index drops 0.44% to settle at 45,726.68
Shares of 405 companies were traded. At the end of the day, 187 stocks closed higher. PHOTO: FILE
KARACHI:
Bears once again dominated trading at the stock market on Monday as selling pressure due to uncertainty about oil prices in the international market weighed on oil sector stocks.
Domestic oil stocks bore the brunt of mixed international crude prices as a better-than-expected quarterly rebound for China’s economy countered fears over soaring Covid-19 cases around the world and tight restrictions that could dent economic growth and fuel consumption. Most of the oil-related stocks at the local bourse lost ground. ....

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