KSE-100: Unfazed by positive triggers, index slumps by 368 points
July 29, 2021
Bears continued to haunt investors at Pakistan Stock Exchange (PSX) as diminishing volumes and selling pressure placed the benchmark KSE-100 under pressure as it posted a 368-point loss by the closing bell and clocked at 47,318 level.
The Index traded in a range of 630.48 points or 1.32 percent of the previous close, showing an intraday high of 47,874.69 and a low of 47,244.21.
On Wednesday, trading kicked off on an optimistic note but witnessed volatility, as intraday correction and discounted share prices attracted selective buying. However, it observed profit-taking during the session amid rising COVID cases.
KSE-100 index falls flat after range-bound session dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
Pakistan refineries in upgrade phase
Many companies are making heavy investment to ramp up business
There are five major oil refineries that have a combined installed capacity of slightly over 417,000 barrel per day in Pakistan. PHOTO: FILE
KARACHI:
Pakistan’s dying petroleum oil refineries are in the planning phase or at an advanced stage of heavy investment-led upgrades to remain in business, as almost all of them are operating at half of their installed capacity due to production of out-of-demand products like furnace oil.
Output of the outdated product sometimes spills over the storage capacity and hinders manufacturing of co-products in demand like petrol and diesel from the crude oil. Owing to the emergence of gas crisis time and again in the country for the past couple of years, the government agreed to lift the ban on use of furnace oil to produce electricity on and off.
KSE-100: Covid concerns, forward inflation risk keeps Investors on sidelines; index dips 82 points
July 7, 2021
Bears continued to rule at the KSE-100 index for the third consecutive session as investors remained on the sidelines- treading cautiously amid resurging Covid -19 cases in the country and rising concerns over forward Inflation.
On Tuesday, the trading activity resumed on a positive note, as the Index traded in the range of 417.75 points or 0.88 percent of previous close, showing an intraday high of 47,662.68 and a low of 47,244.93. The index clocked at 47,346 level by the closing bell after posting an 82 points loss. During the day, the National Command and Operation Centre (NCOC) held a meeting and indicated towards re-imposition of stringent standard operating procedures in view of a consistent uptrend in Covid-19 cases over the past one week. This report, in particular, coupled with higher international oil prices which weighed on inflation expectations, played on in
Refineries feel betrayed as agreed promises not met thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.